Press Release

DBRS Morningstar Discontinues and Withdraws Ratings on Florence SPV S.r.l. Following Portfolio Repurchase

Consumer Loans & Credit Cards
November 03, 2020

DBRS Ratings GmbH (DBRS Morningstar) discontinued and withdrew its ratings on Florence SPV S.r.l. following the repurchase of the collateral portfolio (the Repurchase) by Findomestic Banca S.p.A. (the Originator) and the subsequent transfer of the eligible portfolio to the compartment Florence SPV S.r.l. (2020). The ratings prior to the discontinuation were as follows:

-- Class A Notes at AA (sf)
-- Class B Notes at A (high) (sf)

The discontinuations reflect the Repurchase that occurred on 2 November 2020 and the transfer of the eligible portfolio to the compartment Florence SPV S.r.l. (2020) on 3 November 2020. From 3 November 2020, the repayment of the Notes relies on a payment obligation of the Originator only.

The repayment of the notes is scheduled to occur on 16 November 2020, using the proceeds deriving from the Repurchase. The outstanding balances of the Class A and Class B notes are EUR 2,712,300,000.00 and EUR 500,800,000.00, respectively.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release:

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release:


A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at:


All figures are in euros unless otherwise noted.

The principal methodology applicable to the ratings is the “Master European Structured Finance Surveillance Methodology” (22 April 2020).

In DBRS Morningstar’s opinion, a discontinued-withdrawn rating action does not warrant the application of the entire principal methodology.

Other methodologies referenced in this transaction are listed at the end of this press release. These may be found at:

For a more detailed discussion of the sovereign risk impact on Structured Finance ratings, please refer to “Appendix C: The Impact of Sovereign Ratings on Other DBRS Morningstar Credit Ratings” of the “Global Methodology for Rating Sovereign Governments” at:

The sources of data and information used for these ratings include the executed legal documents detailing the Repurchase as well as a servicer report and additional information provided by Findomestic Banca S.p.A.

DBRS Morningstar did not rely upon third-party due diligence in order to conduct its analysis.

At the time of the initial ratings, DBRS Morningstar was supplied with third-party assessments. However, this did not impact the rating analysis.

DBRS Morningstar considers the data and information available to it for the purposes of providing these ratings to be of satisfactory quality.

DBRS Morningstar does not audit or independently verify the data or information it receives in connection with the rating process.

The last rating actions on this transaction took place on 28 February 2020, when DBRS Morningstar confirmed its rating on the Class A Notes at AA (sf) and upgraded its rating on the Class B Notes to A (high) (sf) from A (sf), following an amendment to the transaction. Please refer to for more information.

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies is available at

As this is a discontinued-withdrawn rating action, a sensitivity analysis is not applicable.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see:

Ratings assigned by DBRS Ratings GmbH are subject to EU and U.S. regulations only.

Lead Analyst: Daniele Canestrari, Senior Analyst
Rating Committee Chair: Alfonso Candelas, Senior Vice President
Initial Rating Date: 3 June 2013

DBRS Ratings GmbH
Neue Mainzer Straße 75
60311 Frankfurt am Main – Deutschland
Tel. +49 (69) 8088 3500

Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

The rating methodologies used in the analysis of this transaction can be found at:

-- Legal Criteria for European Structured Finance Transactions (11 September 2019),
-- Master European Structured Finance Surveillance Methodology (22 April 2020),
-- Operational Risk Assessment for European Structured Finance Servicers (28 February 2020),
-- Operational Risk Assessment for European Structured Finance Originators (30 September 2020),
-- Rating European Consumer and Commercial Asset-Backed Securitisations (3 September 2020),
-- Rating European Structured Finance Transactions Methodology (21 July 2020),

A description of how DBRS Morningstar analyses structured finance transactions and how the methodologies are collectively applied can be found at:

For more information on this credit or on this industry, visit or contact us at