Morningstar DBRS Comments on Ibla S.r.l. Following Special Servicer Replacement

Morningstar DBRS reviewed the impact of the termination of doValue S.p.A.'s mandate in relation to its special servicing activities and the appointment of Phoenix Asset Management S.p.A. as special servicer of Ibla S.r.l. (the Replacement). Morningstar DBRS concluded that the Replacement and the connected execution of a servicing termination agreement, a new servicing agreement, an accession letter from Phoenix Asset Management S.p.A. to the Intercreditor Agreement, a supplementary agreement to the Back-Up Servicing Agreement, and the relevant transaction documents in the form submitted to Morningstar DBRS will not, in and of themselves, result in a downgrade or withdrawal of Morningstar DBRS' A (low) (sf) credit rating with a Stable trend on the Class A Notes and CCC (sf) credit rating with a Negative trend on the Class B Notes.

The notes are backed by a portfolio consisting of Italian secured and unsecured nonperforming loans originated by Banca Agricola Popolare di Ragusa S.C.p.A. Following the Replacement, doNext S.p.A. and Banca Finanziaria Internazionale S.p.A. will retain their roles as master servicer and backup servicer, respectively. The transaction benefits from an amortising cash reserve providing liquidity to the structure covering potential interest shortfall on the Class A Notes and senior fees.

The Replacement, effective since 3 June 2025, was driven by the receipt of a series of consecutive underperformance event notices following the 30-month period since entering into of the servicing agreement. The underperformance event notices are sent by the monitoring agent when the cumulative collection ratio (CCR) or the present value cumulative profitability ratio (PV Ratio) is less than 90% on a semiannual servicing report date. The CCR has been less than 90% since September 2020. As of March 2025, the CCR and the PV Ratio were 63.9% and 125.0%, respectively.

More information on the transaction is available at: https://dbrs.morningstar.com/issuers/23373.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings at https://dbrs.morningstar.com/research/454196 (16 May 2025).

Notes:
All figures are in euros unless otherwise noted.

For more information on this credit or on this industry, visit https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.