The transaction is a static cash securitisation of an Italian non-performing loan (NPL) portfolio with an original gross book value of around EUR 24.1bn. The loans were originated by Banca Monte dei Paschi di Siena S.p.A., MPS Capital Services Banca per le Imprese S.p.A. and MPS Leasing & Factoring S.p.A. (both currently incorporated into Banca Monte dei Paschi di Siena Group). The transaction closed on 10 May 2018 and the Class A notes legal maturity is in January 2033.

Scope’s announcement addresses the credit impact of the amendment of the special servicer agreements signed on 16 April 2025. The amendment is related to the reduction of both base and collection fees applicable to the four special servicers.

Scope’s analysis only covers the credit impact associated with the amendments 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 amendments.

This announcement 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 announcement along with the associated rating history can be found on www.scoperatings.com.