S&P Global Ratings has assigned its 'AA (sf)' and 'BBB (sf)' credit ratings to HVL Bolzano 2 S.r.l. series 2021-1 class A and B asset-backed floating-rate notes due October 2050. At closing, HVL Bolzano 2 also issued unrated class C notes. Our ratings address the timely payment of interest and ultimate payment of principal on the notes. The transaction securitizes a portfolio of primarily real estate related lease receivables, with some equipment lease receivables. The originator is Hypo Vorarlberg Leasing S.p.A., an Italian leasing company that mainly focuses on real estate leasing and which is wholly controlled by Hypo Vorarlberg Bank AG (A+/Negative/A-1).