Servicer Evaluation: IFIS NPL Servicing S.p.A.

S&P Global Ratings' overall rankings on IFIS NPL Servicing S.p.A. (IFIS NPL Servicing) are ABOVE AVERAGE as a special servicer of residential mortgage loans, commercial mortgage loans, and consumer finance loans and credits in Italy. On Sept. 20, 2024, we affirmed the rankings (see "IFIS NPL Servicing S.p.A. ABOVE AVERAGE Special Servicer Rankings Affirmed; Ranking Outlooks Stable"). The ranking outlook is stable for all rankings. IFIS NPL Servicing acts as a master servicer on securitized loans as it is registered under article 106 of the Italian banking law, which places it under the Bank of Italy's surveillance. It is also a licensed debt collection agency under article 115 of the Italian security law. Our rankings are limited to the company's

...S&P Global Ratings' overall rankings on IFIS NPL Servicing S.p.A. (IFIS NPL Servicing) are ABOVE AVERAGE as a special servicer of residential mortgage loans, commercial mortgage loans, and consumer finance loans and credits in Italy. On Sept. 20, 2024, we affirmed the rankings (see "IFIS NPL Servicing S.p.A. ABOVE AVERAGE Special Servicer Rankings Affirmed; Ranking Outlooks Stable"). The ranking outlook is stable for all rankings. IFIS NPL Servicing acts as a master servicer on securitized loans as it is registered under article 106 of the Italian banking law, which places it under the Bank of Italy's surveillance. It is also a licensed debt collection agency under article 115 of the Italian security law. Our rankings are limited to the company's special servicing capability. Our rankings reflect: + The gross book value (GBV) of managed assets at 16.34 billion, declining over the past two years as amortization outweighed new portfolio additions; + Banca IFIS's support in different functional...

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