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      FRIDAY, 03/04/2020 - Scope Ratings GmbH
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      Alba 10 SPV S.r.l. exhibits stable performance – Italian Lease ABS

      Scope Ratings has reviewed the performance of Alba 10 SPV S.r.l., which remains in line with expectations. No rating actions have been taken.

      The current ratings on class A1, class A2, class B and class C are available here, here, here and here.

      Scope Ratings has reviewed the performance of Alba 10 SPV S.r.l. and no rating actions have been taken. Credit enhancement has increased to: 76.7% for Class A1 (57.4% at closing), 48.9% for Class A2 (36.5% at closing), 30.8% for Class B (23.0% at closing) and 20.3% for Class C (15.2% at closing). Cumulative observed defaults are 1.45% of the original asset balance. Delinquencies more than 90 days past due represent 0.05% of the current asset portfolio. The reserve fund is at its target level which is 1.0% of the notes outstanding.

      Alba 10 SPV S.r.l. is an EUR 718.0m (EUR 950.7m at closing) cash securitisation of lease receivables primarily extended to small- and medium-sized enterprises (SMEs). Alba Leasing S.p.A. originated the assets to finance regular business needs of customers in Italy. The leases relate to transportation assets, equipment, and real estate; as well as air, naval and rail assets. The transaction closed in November 2018 and the current monitoring used available deal reporting through the 27 January 2020 quarterly payment date.

      Scope continuously monitors Alba 10 SPV S.r.l.

      Ratings and research are freely available at www.scoperatings.com

      Potential conflicts*
      Please see www.scoperatings.com for a list of potential conflicts of interest related to the issuance of credit ratings. A member of the Board of Trustees of Scope Foundation has a significant relationship with Société Generale SA, a related third party to this transaction. The Scope Foundation is a 20% shareholder of Scope Management SE, the general manager of Scope SE & Co KGaA (“Scope Group”). Scope Foundation has no financial or economic interest in Scope SE & Co KGaA and the main function of the foundation is to preserve the European identity of the shareholder structure of Scope Group.

      *Editor's note: The 'Potential Conflicts' section was added on 29 September 2021.

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