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      Scope provides update on BCC NPLs 2018 S.r.l. after servicer replacement - Italian NPL ABS
      THURSDAY, 30/03/2023 - Scope Ratings GmbH
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      Scope provides update on BCC NPLs 2018 S.r.l. after servicer replacement - Italian NPL ABS

      The servicer’s upcoming replacement, will not result in a rating action or withdrawal of the current class A and B notes ratings.

      BCC NPLs 2018 S.r.l. is a static cash securitisation of secured and unsecured non-performing loans that were extended to companies and individuals in Italy. The loans were originated by 21 Italian cooperative banks coordinated in the context of the transaction by ICCREA Banca S.p.A. and two banks directly owned by ICCREA Banca S.p.A. The transaction closed on 10 July 2018 and the legal maturity is in June 2038.

      BCC NPLs 2018 S.r.l. intends to replace Prelios Credit Servicing S.p.A. in its roles of master servicer and special servicer with Master Gardant S.p.A. and Special Gardant S.p.A., respectively, based on the documentation made available to Scope.

      Prelios Credit Servicing will continue to fulfil all obligations under the servicing agreement until the effective date of its replacement (1 April 2023). For six months after the effective replacement date, Prelios Credit Servicing will cooperate with Master Gardant to perform obligations under the new servicing agreement.

      The transaction structure and servicer fees will remain unchanged compared to those at closing.

      Scope’s analysis only covers the credit impact associated with the replacement agreement described above. Scope has not addressed other non-credit related effects that may be relevant for investors and/or counterparties when assessing the impact of said agreement.

      This announcement does not constitute a rating action nor indicates the likelihood of a credit rating action in the short term. The latest information on the credit ratings in this monitoring note along with the associated rating history can be found on www.scoperatings.com.

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