Morningstar DBRS Comments on Magoi B.V. Following Amendment

DBRS Ratings GmbH (Morningstar DBRS) reviewed the impact of an amendment effective 1 September 2024 (the Amendment) to Magoi B.V. (the Issuer) and concluded that the Amendment will not, in and of itself, result in a downgrade or withdrawal of the current credit ratings on the rated notes: AAA (sf), AA (sf), A (high) (sf), A (low) (sf), BBB (sf), and B (high) (sf), on the Class A, Class B, Class C, Class D, Class E, and Class F Notes, respectively.

The transaction is an asset-backed security transaction comprising a portfolio of fixed-rate, unsecured amortising personal loans granted to individuals domiciled in the Netherlands for general consumption. The loan portfolio is serviced by InterBank N.V., which is owned by Crédit Agricole Consumer Finance Nederland B.V. (CACF NL). The transaction included an eight-month revolving period, which ended with the August 2020 payment date.

The aim of the Amendment is the sub-contract of Vesting Finance Servicing B.V. (Vesting Finance) as sub servicer with an expected date of 21 September 2024. All operational servicing functions are outsourced to Vesting Finance and CACF NL's portfolio is migrated to Vesting Finance's systems. Vesting Finance services the loans according to CACF NL's existing policies and the debtors continue to repay their loans on the existing bank accounts of CACF NL.

In addition, Crédit Agricole Consumer Finance S.A. (parent company of CACF NL) replaces InterBank N.V. as the Commingling Guarantor under the Commingling Collateral Agreement and all other Transaction Documents to which the Commingling Guarantor is a party (being the Parallel Debt Agreement, the Issuer Rights Pledge Agreement, and the Master Definitions Agreement), effective as of 1 September 2024. InterBank N.V. continues to be a party to the Transaction Documents, in its capacity as the Seller and the Servicer, which does not change its respective capacities, and ceases to be a party to the Relevant Transaction Documents solely in its capacity as Commingling Guarantor.

As of August 2024, the transaction was performing within Morningstar DBRS' expectations. Loans two to three months in arrears represented 0.1% of the outstanding portfolio balance, down from 0.3% since the last annual review in December 2023. The 90-plus day delinquency ratio increased to 0.11% up from 0.04% during this period, and the cumulative default ratio was 0.7%.

More information on the transaction is available at: https://dbrs.morningstar.com/issuers/24358.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (13 August 2024) at: https://dbrs.morningstar.com/research/437781.

Notes:
All figures are in euros unless otherwise noted.

For more information on this credit or on this industry, visit https://dbrs.morningstar.com/ or contact us at info-DBRS@morningstar.com.

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