FCT Bpifrance SME 2020-1 is a true-sale securitisation of a EUR 3.07bn revolving portfolio of loans granted to small and medium-sized enterprises (SMEs) in France by Bpifrance. The transaction closed on 25 November 2020 and originally featured an 18-month replenishment period, subject to performance and asset-eligibility covenants. This period has since been extended multiple times.

Scope’s announcement addresses the credit impact of the amendments to the transaction documents, specifically the 18-months extension of the revolving period to 25 June 2027. Additional changes include revisions to the cumulative default early amortisation trigger and adjustments to the SME loan and portfolio eligibility criteria.

The transaction documents related to the amendments were signed on 20 November 2025.

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