Scope downgrades the class A notes issued by Bela 2022 S.r.l., a static cash securitisation of Italian NPLs, following a monitoring review.

Scope Ratings has updated its rating report on Cassa Depositi e Prestiti, rated BBB+ with Stable Outlook.

Scope Ratings has updated its rating report on BN Bank ASA, rated A- with Stable Outlook.

Scope downgrades the class A note issued by Leviticus S.r.l., a static cash securitisation of a portfolio of Italian non-performing loans originated by Banco BPM S.p.A.

The periodic review has resulted in no rating action.

The ratings are supported by a wealthy, diversified economy, low public debt and a strong external position. Financial imbalances and uncertainty around Swiss-EU relations represent credit challenges.

Scope Ratings has updated its rating report on MFO Rico Express LLC, rated B+ with Stable Outlook.

No action has been taken on the Class A and Class B notes following the monitoring review.

The ratings are driven by the high integration with the Italian Republic and the likelihood of exceptional support.

The affirmation is driven by stable operating profitability and a strong order backlog, providing visibility on revenues until 2026, while weak diversification and limited size make the issuer vulnerable to adverse market developments.