Moody’s Investors Service said there is no rating effect on Unicredit’s Italian RMBS deals following the implementation of the Piano Famiglie payment holiday scheme for Italian mortgage borrowers.

The list of deals includes six from the Cordusio program, two Capitalia Mortgages deals, two Heliconus transactions and one Heliconus deal.

Under the plan, eligible borrowers can enjoy a payment holiday of up to 12 months for their principal or interest and principal payments. The agency fears that the implementation of the plan might lead to delays in the enforcement of nonperforming loans and lead to an increase in back-loaded defaults.

However, the agency noted that only a small number of borrowers will be eligible for the scheme, and the potential positive effect of placing borrowers on the plan —potentially lower arrears and ultimately defaults as borrowers have more time to look for a job — may outweigh the negative effect of back-loaded defaults.

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