Scalabis STC S.A. (compartment Panda): Rating Report

The transaction entails the issuance of Class A, Class B, and Class J notes (collectively, the Notes) backed by a mixed pool of Portuguese nonperforming secured and unsecured loans (the Portfolio) originated by Banco BPI, S.A., Banco Comercial Português, S.A., Caixa Geral de Depósitos, S.A., Caixa Leasing e Factoring - Sociedade Financeira de Crédito, S.A. and Novo Banco, S.A. (collectively, the Original Lenders).