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Commentary
ITALIAN NPLS: SPECIAL SERVICERS UNDER THE MAGNIFYING GLASS OF ITALIAN COURTS
Nonperforming Loans
SUMMARY
In this commentary, we analyse the decisions of some Italian courts that
consider the distinction between master servicing and special servicing
activities to be in breach of Italian Securitisation Law as well as the
potential credit implications.
Summary highlights include:
-- A description of the regulation applicable to Italian servicers and relevant
distinction between master and special servicing activities.
-- An analysis of the decisions of some Italian courts that consider the
subdelegation of certain activities to a special servicer to be in breach of
Italian Securitisation Law.
-- Our opinion on the possible impact on the credit ratings on Italian
nonperforming (NPL) securitisation transactions.
“The Italian NPL market has been characterised by securitisation transactions
where servicing activities are divided between a master servicer and a special
servicer and this distinction has been clear over the recent past year. However,
we noted that, during the last quarter of 2023, there were decisions in the
Italian enforcement courts that suspended foreclosure proceedings started by
securitisation special-purpose vehicles through their respective special
servicers. It is not known whether such decisions were made in the context of an
Italian NPL transaction that we rate. To date, we have not received any
notification and/or communications from the special and/or master servicers (or
other parties such as the representatives of the noteholders) involved in any
Italian NPL transactions we rate”, stated Lorenzo Simonte, Assistant Vice
President of European NPLs at Morningstar DBRS.
AVAILABLE DOCUMENTS
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ITALIAN NPLS: SPECIAL SERVICERS UNDER THE MAGNIFYING GLASS OF ITALIAN COURTS
Feb 01, 2024
* Nonperforming Loans
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CONTACTS
* Lorenzo Simonte
Assistant Vice President, Credit Ratings - European NPL Ratings
+(34) 919 036 519
lorenzo.simonte@morningstar.com
* Alfonso Candelas
Head of European Structured Finance Surveillance - European Structured
Finance & Covered Bond Ratings
+(49) 69 8088 3512
alfonso.candelas@morningstar.com
* Mudasar Chaudhry
Senior Vice President - Head of European Structured Finance Research -
European Structured Finance & Covered Bond Ratings
+44 20 7855 6613
mudasar.chaudhry@morningstar.com
* Christian Aufsatz
Managing Director, Head of European Structured Finance - Global Structured
Finance Ratings
+(44) 20 7855 6664
christian.aufsatz@morningstar.com
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