BUSINESS

DBRS assigns BB rating to Pillar Finance DAC

TAGS: Markets, Finance

DBRS has assigned a BB (low) rating to Pillar Finance DAC, which is the first public nonperforming loans transaction executed in Greece.

The Canadian-based rating agency commented that “this demonstrates that the Asset Protection Scheme, which should work in a similar fashion to the Italian GACS, is a viable option to dispose of NPLs. In a similar fashion to what happened in Italy, securitization has demonstrated to be a fundamental instrument for this purpose.”

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