Luzzatti POP NPLs 2021 S.r.l.: Rating Report

On December 23, 2021, DBRS Ratings GmbH (DBRS Morningstar) assigned a rating of BBB (sf) with a Negative trend to the Class A Notes issued by Luzzatti POP NPLs 2021 S.r.l. (the Issuer or special-purpose vehicle (SPV)). The notes were issued in the context of a securitisation transaction following the standard provisions under the Italian securitisation law (Law n. 130/1999). The Class A Notes are eligible to benefit from the government guarantee scheme (Garanzia sulla Cartolarizzazione delle Sofferenze or GACS guarantee) pursuant to law n. 49 of 8 April 2016.