OREANDA-NEWS. Fitch Ratings has published the December edition of its SME CLO Compare, which tracks the performance of all SME CLO transactions monitored by Fitch based on their investor reports. The report is updated on a monthly basis.

European SME CLO performance has been stable since the last edition of the Compare with average 90 day plus delinquencies increasing marginally to 1.32% in October from 1.3% in September. This trend was most significant in Italy and Spain where 90 day plus delinquencies increased by 0.04% and 0.05%, respectively.

In November, Fitch affirmed two Italian SMEs and one Spanish SME. We upgraded one Spanish SME and one Italian SME.

We affirmed 2012 Popolare Bari and Asti PMI S.r.l. as they are deleveraging quickly but have reached the country cap rating level of 'AA+sf', which is applied to the notes due to the Country Ceiling of the sovereign. We affirmed Bankia Pyme, a Spanish SME, due to the sizable credit enhancement afforded to the rated notes, which are currently capped at the 'BBB+sf' rating level in line with the rating trigger of the account bank.

Fitch upgraded the junior notes of Piazza Venezia, an Italian SME, to the country cap level following substantial amortisation of the rated notes and a fall in delinquencies. The performance of Empresas Hipotecario TDA CAM 3 FTA, a Spanish SME, has followed a similar trend and as a result the two senior notes were upgraded. However, its ratings are capped at 'Asf' as the depleted reserve fund exposes the transaction to payment interruption risk.

On 19 November, following the final ratings assigned to Claris SME 2015 S.r.l., Fitch has published the new issue report for the transaction which closed on 30 October 2015.