Valconca SPV S.r.l. (SME): Rating Report

DBRS Ratings Limited (DBRS) assigned a rating of “A (sf)” to the EUR 155 million Class A Series 2 Notes, (together with the unrated Class J Series 2 Notes, the Notes) issued by Valconca SPV S.r.l (SME) (the Issuer).

The transaction is a cash flow securitisation collateralised by a portfolio of term loans originated by Banca Popolare Valconca S.C.p.a. (BPV or the Originator) to small and medium-sized enterprises (SMEs) and self-employed individuals based in Italy. As of 12 July 2018, the transaction’s transferred portfolio included 1,675 loans to 1,294 obligor groups, totalling EUR 217.40 million. The economic effect of the transfer of the portfolio from the Originator to the Issuer took place on 30 June 2018 (the Effective Date).