Early GACS deal downgraded as servicers struggle with Italian NPLs

Waterfall Asset Management’s 2017 NPL securitization of Creval loans, Elrond NPL, has been downgraded as collections fell short of expectations. Scope Ratings said that cumulative collections were only 75% of those in the original business plan, with cash still stuck in challenging court processes.

  • By Owen Sanderson
  • 22 Jul 2019

The downgrade takes senior notes, which were retained by Creval, below the investment grade threshold for the Italian state guarantee scheme known as GACS, meaning that if the deal were newly structured, it would miss out on the government wrapper.

This has been essential for Italian banks seeking ...

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