Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
Creditreform Rating (CRA) has reviewed the preliminary rating on the senior notes with the ISIN NL0013526866 issued by Credit Management Invest Fund 1 B.V. Receiving the final documentation, CRA has removed the restriction status. Furthermore, CRA assigned a rating of BB+sf with a stable outlook.
Positive rating drivers were the full investment of the raised issuance volume of EUR 50m in conjunction with a first loss piece of 5%, a repurchase guarantee of Direct Pay Services B.V. and a guarantee of Direct Pay Beheer B.V.
Primary negative rating driver is the high age of purchased portfolio receivables, which reduces our return expectations and may also lead to an increased asset-liability-mismatch at bond´s maturity, thus increasing the dependency on the repurchase guarantee of Direct Pay Beeheer B.V.