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Rating Action:

MOODY'S ASSIGNS FINAL RATINGS TO THE NOTES ISSUED BY CREDICO FINANCE 2 S.R.L.

01 Oct 2003
MOODY'S ASSIGNS FINAL RATINGS TO THE NOTES ISSUED BY CREDICO FINANCE 2 S.R.L.

EUR 277 Million of Debt Securities Affected.

Milan, October 01, 2003 -- Moody's Investors Service has assigned final ratings of Aaa to the Euro 263 million Class A asset-backed floating rate notes, and of A2 to the Euro 14 million Class B asset-backed floating rate notes, with a final maturity of Nov 2023 , issued by Credico Finance 2 S.r.l., a special purpose vehicle incorporated in Italy in accordance with law 130/99. Nine different subordinated classes of C notes with a total amount of Euro 5.81 million will be first loss equity pieces retained by the originators.

Moody's emphasised that the ratings reflect its opinion regarding the payment of interest on due date and principal on or before the final maturity date of the notes and not on any expected maturity date or any other date.

Moody's said that the final ratings of the notes are based on: 1) the credit assessment of the portfolio of underlying mortgages; 2) the overall historical performance of mortgage loans originated by the BCCs as well as the banks' ability to act as servicers backed by Banca ICCREA in the transaction, 3) the level of protection provided against losses by subordination and the liquidity facilities, 4) the excess spread as well as the level of protection against interest rate volatility provided by the hedging agreements, 5) the legal and structural integrity of the transaction.

This is the second mortgage-backed transaction where the originators are Italian "banche di credito cooperativo" (BCCs). The previous transaction, Credico Finance S.p.A. closed two years ago.

The issued notes are backed by a portfolio of 4,520 performing mortgage loans for a total amount of approximately Euro 280 million. All of the loans are considered "in bonis" (performing), and were granted to individuals or to small and medium enterprises for the purpose of purchase of real estate property. A first lien mortgage ("ipoteca") secures all of these loans.

To obtain a copy of Moody's report for this transaction, please contact Consuelo Vidale in Milan at +39 02 5821 5580 or visit our website at www.moodys.com. Moody's will monitor this transaction on an on-going basis. For updated monitoring information please contact monitor.milan@moodys.com.

Paris
Paul Mazataud
Managing Director
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 33 1 53 43 93 78 SUBSCRIBERS: 44 20 7772 5454

Milan
Nikoletta Knapcsek
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 33 1 53 43 93 78 SUBSCRIBERS: 44 20 7772 5454

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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