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 methodology/ies, 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 Prunelli Issuer I S.a.r.l. acting in respect of its compartment 2020-1 on 5 March 2024. The credit rating remains as follows: Series 2020-1(XS2244965245): USD 1,450m outstanding: AAA_SF

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

Solid portfolio performance continues to support the current rating. As of February 2024, only USD131k of cumulative defaults have been reported and have been fully recovered, and delinquencies 1-30 days past due were at extremely low level of 0.1% of the outstanding portfolio balance. Moreover, since the closing date the transaction’s required minimum overcollateralisation has been met and no stop purchases events have been breached.

The transaction’s eligibility criteria, replenishment conditions and stop purchase events prevent portfolio credit risk deterioration during the ongoing revolving period.

All transaction counterparties continue to be assessed as supportive for the rating.

The methodologies applicable for the reviewed rating (General Structured Finance Rating Methodology, 25 January 2023; CLO Rating Methodology, 28 April 2023; Counterparty Risk Methodology, 13 July 2023) are available on https://scoperatings.com/governance-and-policies/rating-governance/methodologies. The update of Scope’s General Structured Finance Rating Methodology on 6 March 2024 does not have an impact on the rating.
This monitoring note is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0.
Lead analyst Shashank Thakur, Senior Analyst

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