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Rating Action:

Moody's assigns definitive ratings to the notes issued by Maestrale 3 S.r.l

12 Aug 2010

Approx. EUR 217 million of debt securities rated

Milan, August 12, 2010 -- Moody's Investors Service has assigned the following definitive rating to the notes issued by Maestrale 3 S.r.l., a special purpose vehicle incorporated in Italy in accordance with law 130/99.

- Aaa(sf) to the EUR 216,850,000 Class A Asset Backed Floating Rate Notes due 2034.

Moody's has not assigned ratings to the subordinated Class B EUR 216,900,000 Asset Backed Notes due 2034.

The Maestrale 3 transaction is a cash securitisation of lease receivables extended to obligors located in Italy by Commercio e Finanza S.p.A. Leasing and Factoring ("CFLF"), an Italian leasing company currently 100% owned by Cassa di Risparmio di Ferrara (Baa3/P-3- "CARIFE"). The deal is the fifth public transaction by the same originator.

The EUR 433.7 million portfolio of underlying assets was, as of 1st August 2010, composed of 10,144 contracts granted to 4,430 borrowers, either Italian professionals or SMEs. Assets are represented by financial lease receivables belonging to four different pools: real estate (41.5%), equipment (34.7%), industrial vehicle (19.6%) and auto (4.2%). As opposed to the previous outstanding transaction (Zephyros Finance S.r.l.) by CFLF, the securitised portfolio does not include the so-called "residual value option", i.e. the installment that the lessee has the option to pay at the end of the contract to acquire full ownership of the leased asset. This is a positive feature compared to past deal as it is not legally certain whether, upon originator insolvency, the SPV would have been able to access the residual value proceeds.

The leases were originated between 2001 and 2010, with a weighted average seasoning of 2.3 years and a weighted average remaining life of 4 years. The interest rate is floating for 86.8% of the pool, the weighted average margin over the index being 2.8%. Geographically, the pool is concentrated in the Southern Italian region of Campania (25.7%) where the originator is actually located, while -- as far as industry concentration is concerned - the "Construction & Building" sector represents 25% of the pool. The definitive portfolio at transfer date (2nd August 2010) did not include any lease in arrears.

Moody's notes that the transaction features a number of credit weaknesses, including the important exposure to the highly cyclical Construction and Building sector, the rather long weighted average life of 4 years as well as the chunkiness of the portfolio, with an effective number of 333. These portfolio features and the structural weakness of having no swap in place to protect against interest rate risk were reflected in Moody's analysis. Moody's also notes that CARIFE is in the process of selling CFLF and there is no transparency -- at current stage -- on the prospective buyer of CFLF.

Due to: 1) the fact that historical performance data did not cover an entire economic cycle and did not fully capture the current economic environment, 2) the characteristics of the portfolio which is rather concentrated, and 3) the nature of the underlying debtors (SMEs), Moody's complemented the analytical approach as described in the Special report "Multi-pool Financial Lease Backed Transactions in Italy", June 2006 with the analytical approach used for rating of EMEA SME ABS transactions as described in the Rating Methodology reports "Refining the ABS SME Approach: Moody's Probability of Default assumptions in the rating analysis of granular Small and Mid-sized Enterprise portfolios in EMEA", March 2009 and "Moody's Approach to Rating Granular SME Transactions in Europe, Middle East and Africa", June 2007.

Moody's analysis focused primarily on (i) an evaluation of the underlying portfolio of loans; (ii) historical performance information on both originator portfolio as well as the previous outstanding transaction launched by CFLF "Zephyros Finance S.r.l.", and other statistical information; (iii) the credit enhancement provided by the pool spread, the liquidity reserve (funded up front and usable to repay notes principal amount at deal maturity) and the subordination of the notes; and (iv) the legal and structural integrity of the transaction. Moody's also took into consideration the legal uncertainty associated with recoveries on leased assets following potential bankruptcy of the originator, by running simulations where it further stressed the recoveries on defaults.

The ratings address the expected loss posed to investors by the legal final maturity

The V Score for this transaction is Medium, which is in line with the score assignable to the Italian Leasing sector. However, Moody's notes that Transaction Complexity is Medium as the portfolio is made of several products (auto-vehicle lease, equipment lease and real estate receivables), the structure includes a revolving period and there is potential interest rate mismatch as there is no swap in place. Back-up Servicer Arrangement is Low/Medium as there is an appointed Back Up Servicer at day one which is ready to step in upon the hitting of a Servicer termination event. V-Scores are a relative assessment of the quality of available credit information and of the degree of dependence on various assumptions used in determining the rating. For more information, the V-Score has been assigned accordingly to the report "V Scores and Parameter Sensitivities in the Global Consumer Loan ABS Sectors", published in May 2009.

The ratings address the expected loss posed to investors by the legal final maturity of the notes. 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. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.

Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

There has been no previous rating action on this transaction.

Moody's will monitor this transaction on an ongoing basis. For updated monitoring information, please contact monitor.abs@moodys.com. To obtain a copy of Moody's Report on this transaction, please visit Moody's website at www.moodys.com or contact our Client Service Desk in London (+44-20-7772 5454).

Frankfurt am Main
Thorsten Klotz
MD - Structured Finance
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Milan
Valentina Varola
Vice President - Senior Analyst
Structured Finance Group
Moody's Italia S.r.l
Telephone:+39-02-9148-1100

Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy

Moody's assigns definitive ratings to the notes issued by Maestrale 3 S.r.l
No Related Data.
© 2018 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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