Early GACS deal downgraded as servicers struggle with Italian NPLs
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Early GACS deal downgraded as servicers struggle with Italian NPLs

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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.

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