Scope publishes the rating report for BCC NPLS 2021 S.r.l. –Italian NPL ABS

Scope Ratings publishes its rating report on BCC NPLs 2021 S.r.l., a cash securitisation of a EUR 1,312m portfolio of Italian non-performing loans and leases

Rating action

The transaction is a static cash securitisation of an Italian NPL and non-performing leases portfolio worth around EUR 1,312m by gross-book value (’GBV’) of which 1,147m and 165m are allocated to the NPL and non-performing lease portfolio respectively. The NPL portfolio was originated by 74 cooperative banks (‘BCCs’) belonging to the Iccrea Cooperative Banking Group, Banca Ifis S.p.A., Guber Banca S.p.A and Cassa di Risparmio di Asti S.p.A.

The report contains Scope's credit analysis regarding the ratings assigned to the class A and B notes.

This monitoring note does not constitute a rating action nor does it indicate the likelihood of a credit rating action in the short term.

Click here to access the full rating report.