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Announcement:

Moody's confirms Italian RMBS notes issued by Grecale ABS S.r.l. -- Series 2009

06 Jul 2011

Approximately 357.8 million of debt securities affected.

Milan, July 06, 2011 -- Moody's Investors Service has today confirmed the rating of Aaa(sf) on the Class A notes in Grecale ABS S.r.l. -- Series 2009. Moody's considers the amendments made to the transaction, namely the immediate appointment of a back-up servicer and the amendment to the cash reserve, which now covers only interest on the Class A notes and items senior thereto.

Today's rating action conclude the review of the transaction following the implementation on 2 March 2011 of Moody's rating guidance entitled "Global Structured Finance Global Operational Risk Guidelines: Moody's Approach to Analysing Performance Disruption Risk".

LIST OF AFFECTED NOTES

Issuer: Grecale ABS S.r.l. -- Series 2009

Euro 531,700,000 Class A Residential Mortgage Backed Floating Rate notes due April 2056 confirmed at Aaa (sf); previously on March 2, 2011 Aaa (sf) Placed Under Review for Possible Downgrade

RATIONALE

Back-up servicer appointed

In April 2011 Cassa di Risparmio di Volterra S.p.A. (Baa3/P-3) has been appointed as back-up servicer (BUS). In case there would be servicer termination event with respect to Unipol Banca S.p.A. (Baa2/P-2) the BUS has confirmed that it would be prepared to start to act as servicer at any moment.

Liquidity

After the payment date in April 2011 the cash reserve is equal to around €12.5 million which is equal to around 3.5% of the Class A Notes. The cash reserve mechanics has also been amended: now it only covers interest on the Class A notes and items senior thereto except for at final legal maturity when it also can cover principal deficiency, while before the amendment it covered for the principal deficiency on each payment date. The seniority of the cash reserve in the waterfall has not been changed so it would only be filled up to its target level when the principal deficiency ledger has been fully repaid. However, at its current level, even if there were no collections from the portfolio, the cash reserve would be enough to cover interest on the rated notes and senior fees for more than 6 months assuming that six-month EURIBOR is equal to 6%. The principal-to-pay-interest mechanism provides additional liquidity

Calculation agent and estimates

The transaction documents entered into at closing already included provisions to allow that if the servicer report is not available on the servicer report date the calculation agent will prepare the payment report on the basis of the information in its possession. In the same manner the payments under the swap contracts will be calculated using the last available servicer report, i.e. the lack of a servicer report will not trigger a default on the swap. The non payment of principal on the Class A Notes would only trigger a default at the final legal maturity date.

The principal methodology used in rating and monitoring the transaction was: "Moody's Approach to Rating RMBS in Europe Middle East and Africa", published in October 2009. The Operational Risk Guidelines described in this press release complement the applicable principal methodologies for each asset class. Further information regarding the operational risks can be found in the report "Global Structured Finance Operational Risk Guidelines: Moody's Approach to Analyzing Performance Disruption Risk" published in April 2011.

Milan
David Bergman
Asst Vice President - Analyst
Structured Finance Group
Moody's Italia S.r.l
Telephone:+39-02-9148-1100

Milan
Michelangelo Margaria
VP - Senior Credit Officer
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
Telephone:+39-02-9148-1100

Moody's confirms Italian RMBS notes issued by Grecale ABS S.r.l. -- Series 2009
No Related Data.
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