Ibla S.r.l. is a static cash securitisation of secured and unsecured non-performing loans extended to companies and individuals in Italy worth around EUR 349m by gross book value. The loans were originated by Banca Agricola Popolare di Ragusa S.C.p.A. The transaction closed on 6 September 2018 and the legal maturity is in April 2037.

Ibla S.r.l., with effect from the 3rd of June 2025, replaced doValue S.p.A. in their role of special servicer with Phoenix Asset Management S.p.A., based on the documentation made available to Scope.

In the six months following the effective replacement date, doValue S.p.A. will cooperate with Phoenix Asset Management S.p.A. to perform obligations under the new servicing agreement.

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.