Though downgrades of Trevi Finance No. 1 and International Credit Recovery 5 (ICR 5) have hit the market in succession, market analysts said that the transactions' recent fate should not be viewed as a bellwether for performance of Italian non-performing loans going forward.

Both deals are part of a series of transactions: three deals total for Trevi and two for ICR5. Within its series, both the Trevi 1 deal and ICR 5 are so far the only ones to be affected by delayed collections on payment.

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