A robust institutional set up, low indebtedness and sound medium-term growth prospects support the ratings. Exposure to external shocks and longer-run demographic pressures remain key challenges.

The periodic review has resulted in no rating action.

Solid medium-term growth prospects and sound fiscal fundamentals are key rating strengths. Exposure to external shocks and longer-run demographic pressures remain key challenges.

Sustained economic growth, improved external resilience and a sound fiscal outlook drive the upgrade. Exposure to external shocks, high geopolitical tensions and longer-run demographic pressures remain key credit constraints.

The affirmation reflects Summus’ solid operating performance and successful expansion into Poland, without credit metrics moving beyond Scope’s expectations.

The underlying portfolio of secured and unsecured NPL loans was sold by various Italian banks and is serviced by Guber Banca S.p.A. as special servicer and Prelios Credit Servicing S.p.A. as master servicer.

Following the recent affirmation of the BB- issuer rating and assignment of a negative Outlook on 17 July 2025, Scope has released an associated analytical report on Tegeta Motors LLC.

The affirmation reflects robust credit metrics driven by solid total cost coverage and modest leverage.

Rating actions and SD status reflect both tender on senior unsecured bonds and ongoing disagreement between the company and creditors around acceleration clause triggered by noteholders under the terms of the bond indenture.

The underlying portfolio of secured and unsecured NPL loans was sold by illimity Bank S.p.A., and is serviced by Cerved Credit Management S.p.A.