OREANDA-NEWS. Fitch Ratings says the refined version of the 2012 liquidation proceeding known as concordato preventivo in continuita, introduced by Italian legislators, will implicitly improve recovery prospects across transactions, while creating small performance distortions that will in most cases be immaterial.

The legislation was introduced in its current form at end-2012 and the proceeding has been further refined by secondary legislation and court practice between 2013 and 2014.

In the latest edition of Fitch newsletter, the agency elaborates on the continued pace of early liquidations of SME CLOs in 2015, with four Fitch-rated transactions subject to early redemption in the first quarter of this year already.

The newsletter tracks SME CLO issuance over time. It also provides hyperlinks to all rating action commentaries and SME-related reports published in the last four months. For the first time, it also includes European Central Bank SME funding conditions data, covering both interest rates and lending growth, as well as Fitch's delinquency index based on European Data Warehouse SME CLO data.

The newsletter provides an overview of SME CLO issuance and performance summary over the last four months in addition to SME-related topics. The newsletter is available on www.fitchratings.com or by clicking the link above.

The SME CLO Compare that details all Fitch-rated transaction performances based on their investor reports is also published at the same time of the newsletter. The spreadsheet is available by clicking on the link below and saving the file prior to opening it.