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Rating Action:

MOODY'S ASSIGNS DEFINITIVE RATINGS TO REGIONE ABRUZZO'S HEALTH CARE RECEIVABLE TRANSACTION, CARTESIO S.r.l. SERIES 2005-1

12 Apr 2005
MOODY'S ASSIGNS DEFINITIVE RATINGS TO REGIONE ABRUZZO'S HEALTH CARE RECEIVABLE TRANSACTION, CARTESIO S.r.l. SERIES 2005-1

Approximately EUR 336.7 Million of Debt Securities Affected

Milan, April 12, 2005 -- Moody's Investors Service has assigned a long term definitive rating of A1 to the EUR 336,665,000 Asset-Backed Floating Rate Notes due 2015 issued by the Italian law 130/99 SPV Cartesio S.r.l.

According to Moody's analysts Valentina Varola and Massimo Catizone, the A1 rating on the Notes is primarily based on: (1) The Region of Abruzzo's current long-term debt rating of A1 with stable outlook; (2) The fact that the payments due under the Debt Delegations are unsecured, direct obligations of the Region of Abruzzo; (3) The legal strength and credit quality of Debt Delegations undertaken by the Region of Abruzzo and the administrative procedure (e.g. the multi-annual impegno di spesa) passed in order to facilitate the transaction. This reinforces the direct obligation nature of the payments to the Issuer by the Region of Abruzzo; (4) The hedging strategy with Merrill Lynch Capital Market Bank in order to match interest and certain principal payments from the Region with the obligations due under the Notes; and (5) The legal and structural integrity of the transaction, including the inherent protections under Law 130.

The ratings address the expected loss posed to investors by the legal final maturity (2015). In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal with respect to the Notes by the legal final maturity.

The portfolio, which ultimately represent the collateral for the notes to be issued, comprises certain claims which a number of suppliers (106) have against 6 Aziende Sanitarie Locali ("ASLs"or "Health Authorities") located in the Region of Abruzzo in respect of services/goods, provided/sold and invoiced by December 2003. In December 2004, such portfolio was sold by the relevant suppliers to FIRA, a financial company partially (51%) owned by the Region itself (the balance being held by some other financial institutions) and set up to promote the economical development of the region. The portfolio was then transferred from FIRA S.p.A. to Cartesio in December 2004.

On 7 January, 2005 each ASL and the Region of Abruzzo entered into a document sanctioning the payment delegation undertaken by the Region. Pursuant to such delegations, each of the Health Authorities irrevocably and unconditionally delegated the Region to pay, and the Region undertook to pay, in 20 equal semi-annual installments, the amount due by the Health Authorities as determined by the Settlement Agreements. The Region subsequently ratified both the terms of the settlement agreements and the payment delegations documents with the Determina DG/01. At the same time, the multi-annual impegno di spesa was approved, by which the amounts already recorded in Chapters 81500, 81599 and 81502 of the regional budget will be used to pay those amounts specified in the Debt Delegations.

Investors should note that this obligation is different compared to other debt obligations of the Region of Abruzzo. For example, there are no cross default clauses that would immediately tie a default of this obligation with that of other bond obligations of the Region, nor is there an irrevocable payment mandate to the region's cashier. However, Moody's believes that the debt delegation (along with the expense provision and the administrative/legal steps taken to facilitate the structuring) is overall consistent with an unsecured, direct obligation of the Region of Abruzzo.

Moody's will monitor this transaction on an on-going basis. For updated monitoring information please contact monitor.milan@moodys.com. To reserve a copy of Moody's forthcoming report for this transaction, please contact Anna Di Gennaro in Milan at +39 02 5821 5580, Client Service Desk in London at +44 20 7772 5454 or visit our website at www.moodys.com. For additional information on Moody's Italia or Moody's Europe, visit our web sites at www.moodys.it or www.moodyseurope.com.

London
Benedicte Pfister
Managing Director
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Milan
Valentina Varola
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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