Scope Ratings GmbH (Scope) monitors and reviews its credit ratings on an ongoing basis and at least annually, or every six months in the case of sovereigns, sub-sovereigns and supranational organisations.

Scope performs monitoring reviews to determine whether material changes and/or changes in macroeconomic or financial market conditions could have an impact on the credit ratings. Scope considers all available and relevant information when undertaking the monitoring review.

Monitoring reviews are conducted by performing a peer comparison, benchmarking against the rating-change drivers, and/or reviewing the credit ratings’ performance over time, as deemed appropriate by the Lead Analyst or Analytical Team Head, in addition to an assessment of all aspects of the relevant methodologies, including key rating assumptions and model(s). Scope publicly announces the completion of each monitoring review on its website.

Scope completed the monitoring review for EIB SME Initiative for Romania on 2 February 2024. The credit ratings remain as follows:

SIUGI Senior Risk Cover RON, up to RON 143.6m (EUR 31.6m)*: AA-_SF

SIUGI Senior Risk Cover EUR, up to EUR 0.2m^*: AA-_SF

^*Outstanding amounts reflect the reported amortisation and defaults as of 30 September 2023 and risk cover sizes considering a fully ramped portfolio; RON amounts are converted at the transaction’s initial exchange rate 1 EUR = 4.54488 RON.

The reviews were conducted considering available reporting up to September 2023.

This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term. Information about the latest credit rating action connected with this monitoring note along with the associated rating history can be found on www.scoperatings.com.

Key rating factors

The transaction has performed better than expected with realised losses of 1.05% of the target portfolio balance and outstanding delinquency pipeline of 1.01% of the outstanding portfolio balance. The sequential allocation of portfolio amortisation resulted in increased protection buffers for the senior risk covers. These offset the adverse effects from the last portfolio inclusions until 31 December 2023, the end of the origination period.

The methodologies applicable for the reviewed ratings (General Structured Finance Rating Methodology, 25 January 2023; SME ABS Rating Methodology,16 May 2023; Counterparty Risk Methodology, 13 July 2023) are available on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
This monitoring note is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0.
Lead analyst Guang Yang, Analyst

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