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Rating Action:

MOODY'S ASSIGNS PROVISIONAL RATINGS TO THE FIFTH ISSUANCE OF INPS S.C.C.1. TRANSACTION

17 Nov 2004
MOODY'S ASSIGNS PROVISIONAL RATINGS TO THE FIFTH ISSUANCE OF INPS S.C.C.1. TRANSACTION

Approximately EUR3.55 Billion of Debt Securities Affected.

Milan, November 17, 2004 -- Moody's Investors Service has assigned provisional ratings of (P)Aaa rating to EUR3.55 billion of Notes to be issued by Societa di Cartolarizzazione dei Crediti INPS - S.C.C.I. S.p.A., a Special Purpose Vehicle incorporated in Italy. The issuance is expected to be divided into EUR1.50 billion Series 5A Asset Backed Floating Rates Notes and EUR2.05 billion Series 8 Asset Backed Floating Rates Notes. In addition, Moody's notes that the expected issuance will not negatively impact the existing Aaa rating of the Series 5 and 6 Asset Backed Floating Rates Notes issued by S.C.C.I. S.p.A. in July 2002 and the Aaa rating of the Series 7 Asset Backed Floating Rate Notes issued in July 2003.

The provisional ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the respective rated final legal maturity dates. Moody's issues provisional ratings in advance of the final sale of securities, and these ratings only reflect Moody's preliminary credit opinions regarding the transaction. Upon a conclusive review of the final documentation, Moody's will endeavour to assign a definitive rating to the Notes. A final rating, if any, may differ from a provisional rating.

Moody's analysts Antonio Serpico and Michelangelo Margaria says that the (P)Aaa ratings of the Series 5A and Series 8 Notes is based on: 1) The strong over-collateralisation in nominal value provided by the existing and new portfolio of receivables; 2) The existing accumulated cash from recoveries in the collection account of approximately EUR2.17 billion as of November 9, 2004; 3) The presence of the previous Debt Service Reserves; 4) A positive and stable performance of recoveries on the portfolio since the first issuance that occurred in November 1999; 5) The performance of the concessionari as servicers of the ruoli receivables; 6) The performance of INPS to monitor all the receivables and service the remaining receivables not managed by the concessionari; 7) The time subordination of the relative Series; 8) The obligations of the hedging counterparties in the transaction; 9) The obligations of the Tesoreria Centrale dello Stato (The Italian Treasury, acting through the Bank of Italy)(Aa2/P-1), implied from the Republic of Italy), with which the Issuer opened the Collection Account; 10) The particular attention by the Italian Treasury to monitor the servicing procedures and the transaction in general; and 11) The structural and legal integrity of the transaction.

The proceeds of the new issuance will be used to fund the acquisition from Istituto Nazionale della Previdenza Sociale (INPS) of a fifth portfolio of social security contributions in arrears, pay a deferred purchase price and for issuance related expenses.

INPS was established in 1935 and, as a public entity, INPS cannot be declared bankrupt, with the Italian Republic ensuring INPS's financial stability. INPS provides a wide range of provisions and benefits to both contributors and non-contributors, including, but not limited to, retirement and invalidity pensions and unemployment benefits. The main source to fund such provisions and benefits are the contributions collected from companies on behalf of their employees, from self-employed individuals and from farmers and agricultural enterprises.

The S.C.C.I. S.p.A. program has had various stages of portfolio purchases and tap issuances since November 1999. Indeed, the program can be summarised through the following time line:

-November 1999: the issuance of Series 1, 2 and 3 notes (EUR4.65 billion total at issuance) backed by a portfolio of EUR46.865 billion (including penalties and interest) of social security contribution in arrears and related rights. The portfolio consists of the credits in arrears classified by INPS at the end of 1999.

-May 2001: S.C.C.I. S.p.A. purchased an additional portfolio of credits in arrears classified by INPS at the end of 2000 and issued a EUR1.71 billion of Series 4 Notes.

-July 2002: S.C.C.I. S.p.A. purchased an additional portfolio of credits in arrears classified by INPS at the end of 2001 and issued EUR3 billion of Series 5 and 6 Notes.

-July 2003: S.C.C.I. S.p.A. purchased an additional portfolio of credits in arrears classified by INPS at the end of 2002 and those that will be classified by INPS at the end of 2003 and issued EUR3 billion of Series 4A and 7 Notes.

On January 31st, 2001 and January 31st, 2002, S.C.C.I. reimbursed entirely the Series 1 and Series 2 notes respectively, which was the date of the soft bullets. On July 31st, 2002 the Series 3 Notes were totally reimbursed and on July 31st, 2004 the Series 4 and 4A Notes were totally redeemed.

In this transaction, S.C.C.I. will issue additional notes, the Series 5A and 8 Notes, as part of the SCCI program. The Series 5A and 8 will be added to the present waterfall of S.C.C.I. and all classes will benefit from recoveries of the combined portfolio. Investors should note that this tap issuance will have a new series of Notes (Series 5A) which has a expected maturity date which is "senior" in time relative to the existing Series 6 and 7. As indicated above, as a result of the further issuance of Series 5A and 8, another new portfolio of credits in arrears will be purchased from INPS. This new portfolio will be made of all receivables classified and to be classified by INPS as "in arrears" as of 2004. The new portfolio will have a guaranteed minimum nominal amount of €3.5 billion (i.e. not including accrued penalties and interest that will be transferred to S.C.C.I.).

To reserve a copy of Moody's report for this transaction, please contact Moody's client services desk in London on +44 207 772 5454 or visit our website at www.moodys.com. For additional information on Moody's Italia or Moody's Europe, visit our web site 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
Antonio Serpico
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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