As anticipated, collections in SCIP2, the Italian real estate government securitization, fell short of new issue assumptions. Regardless, Fitch Ratings believes the deal is still relatively strong in the near term, at least.

The latest investor report for the deal showed quarterly collections were €255 million (US$310 million), just 15% of what was expected for that period. However, investors were warned earlier this year that a new law allowing for deeper discounts to tenants might delay the timeliness of collections going forward.

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