Credito Fondiario launches the first ReoCo integrated in a securitization with gacs guarantee

Credito Fondiario, Italy’s leading bank in the investment and servicing of non performing loans portfolios and parent company of the Credito Fondiario Banking Group, has successfully completed the process of implementing a Real Estate Owned Company (ReoCo Leviticus) in the Leviticus SPV S.r.l. securitization, whose senior ABS securities are rated DBRS and Scope Ratings and backed by GACS guarantees.
“ReoCo Leviticus is the first ReoCo pursuant to Art. no. 7.1 of Law no. 130/99 to be regulated in an existing GACS-assisted securitization,” Guido Lombardo, Chief Investment Officer of Credito Fondiario, explains. “This is a very complex project, since, in order to complete it, it was necessary to dialogue and involve, among others, the entire class of holders of the securitization securities and the rating agencies DBRS and Scope Ratings. The latter re-analysed the entire securitisation structure to confirm that the inclusion of ReoCo had no impact on the rating of the securities.”