The affirmation reflects a resilient operating performance with stable growth. All ratings have been withdrawn due to business reasons.

No action has been taken on Class A and Class B notes issued by BCC NPLs 2020 S.r.l. following the monitoring review.

Rating affirmation reflects the recent strong operating performance as well as solid asset quality and solvency metrics.

A full-scale Middle-East conflict is unlikely but any further escalation of tensions would have significant adverse consequences for commodity markets and inflation, affirming geopolitical developments as a core credit challenge globally.

After a strong January, EUR benchmark covered bond issuance slowed in February and March. Some of the reluctance to issue may have been driven by Germany’s specialised commercial mortgage lenders, given rising tensions in commercial real estate.

The periodic review has resulted in no rating action.

Scope downgrades class A notes and class B notes issued by 4Mori Sardegna S.r.l., a static cash securitisation of Italian non-performing loan receivables, following a monitoring review.

The affirmation reflects the stressed financial risk profile as profitability remains under pressure in a more challenging market environment characterised by lower demand and higher operating costs.

Tuesday, April 23rd 2024 - 3:30 PM (CEST)

Strong capital base, excellent asset quality, very high liquidity buffers, growing strategic importance, and highly rated shareholders support the rating. High leverage is the key credit challenge.