The Outlook change reflects improving credit metrics in 2024 and Scope’s expectation that the continued stable performance will support credit metrics remaining within the rating case.

This publication does not constitute a rating action.

The underlying portfolio of secured and unsecured NPL loans was sold by Unicredit S.p.A. and is serviced by doValue S.p.A. as special servicer and doNext S.p.A. as master servicer.

This publication does not constitute a rating action.

Class A notes have been fully redeemed.

The transaction is a cash securitisation backed by bicycle leases originated by Lesora GmbH and granted to SMEs in Germany.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

Highly rated member states’ commitment, strong mandate, high liquidity buffers, excellent capital market access and preferred creditor status support the ratings; rising debt and guarantees pose challenges.

Strong fiscal outlook, robust economic growth, and reduced vulnerabilities in the banking system drive the outlook change. The small, open economy, large external imbalances and legacy vulnerabilities in the banking sector are key challenges.