POP NPLs 2020 S.r.l.: Rating Report

On 23 December 2020, DBRS Ratings GmbH (DBRS Morningstar) assigned ratings to the notes issued by POP NPLs 2020 S.r.l. The transaction includes the issuance of Class A, Class B, and Class J Notes backed by a mixed pool of Italian nonperforming secured and unsecured loans originated and sold to the Issuer by 15 Italian banks. For insight beyond the ratings, see the rating report.