Ibla S.r.l.: Rating Report

DBRS Ratings Limited (DBRS) assigned ratings of BBB (low) (sf ) and CCC (sf ) to the Class A notes and Class B notes issued by Ibla S.r.l. (Ibla or the Issuer) on 6 September 2018. The notes are issued in the context of a securitisation transaction following the standard provisions under 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 the GACS guarantee) pursuant to law n. 49 from 8 April 2016.