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I AGREE
31 Jul 2012
Approximately EUR 192 million of Debt Securities affected
London, 31 July 2012 -- Moody's Investors Service has reviewed the amendments to the above mentioned
transaction and announced today that, at this time, the amendments
will not, in and of themselves, result in a reduction or withdrawal
of the current ratings on the notes issued by C.R. Volterra
Finance S.R.L.
Pursuant to these amendments: (i) the minimum rating requirement
for the back-up servicer ("BUS"), which triggered
the automatic termination of the BUS agreement, has been deleted
from the documentation; and (ii) Banca Etruria S.C.
(NR) has been restored as BUS at the same terms and conditions of the
original BUS agreement.
The new BUS agreement provides for automatic termination if the servicer,
at any time, becomes rated A3 or above and an obligation to enter
a new BUS agreement within 30 days if it then falls below Baa3.
The principal methodology used in this rating was Moody's Approach to
Rating RMBS in Europe, Middle East, and Africa published in
June 2012. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology. Other Factors used in this rating
are described in Global Structured Finance Operational Risk Guidelines:
Moody's Approach to Analyzing Performance Disruption Risk published in
June 2011.
No cash flow analysis or stress scenarios have been conducted as the amendments
have not had an impact on the cash flow analysis conducted at closing
Moody's will monitor this transaction on an ongoing basis.
For updated monitoring information, please contact monitor.rmbs@moodys.com.
As the Euro area crisis continues, the rating of the structured
finance notes remain exposed to the uncertainties of credit conditions
in the general economy. The deteriorating creditworthiness of euro
area sovereigns as well as the weakening credit profile of the global
banking sector could negatively impact the ratings of the notes.
Furthermore, as discussed in Moody's special report "Rating Euro
Area Governments Through Extraordinary Times -- An Updated
Summary," published in October 2011, Moody's is considering
reintroducing individual country ceilings for some or all euro area members,
which could affect further the maximum structured finance rating achievable
in those countries.
Marcello Vicarelli
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Annabel Schaafsma
Senior Vice President
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Francesca Pilu
AVP-Analyst
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's Investors Service updates on C.R. Volterra Finance S.R.L. following some amendments to the transaction's documentation
No Related Data.
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