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Rating Action:

Moody's downgrades ABS transactions supported by Italian regions

06 Oct 2011

London, 06 October 2011 -- Moody's Investors Service has today downgraded the ratings of the notes issued by six Italian ABS transactions, following the downgrade of the Region of Lazio, the Region of Abruzzo, the Region of Campania and the Autonomous Region of Sicily. The performance of the affected transactions relies on the support of the downgraded regions. A detailed list of the affected notes can be found at the end of this press release. The affected transactions are:

Cartesio S.r.l. - Series 2003-1, downgraded to Baa2(sf) from A2(sf)

Cartesio S.r.l. - Series 2005-1, downgraded to Baa1(sf) from A2(sf)

D'Annunzio S.r.l., downgraded to Baa1(sf) from A2(sf)

POSILLIPO FINANCE II S.R.L. SERIES 2007-1, downgraded to Baa2(sf) from A3(sf)

POSILLIPO FINANCE S.R.L., downgraded to Baa2(sf) from A3(sf)

Rubino Finance S.r.l., downgraded to A3(sf) from A1(sf)

RATINGS RATIONALE

Today's rating action reflects Moody's downgrade of the Region of Lazio, the Region of Abruzzo, the Region of Campania and the Autonomous Region of Sicily on 5 October 2011. For further information on the underlying action see press release titled Moody's downgrades Italian sub-sovereign ratings following sovereign downgrade on Moodys.com.

Noteholders in the affected transactions are directly exposed to a specific region credit risk, and the affected ratings are essentially a pass-through of the underlying obligors ratings.

Therefore, the ratings are exposed to the same transition risk as the region ratings, as identified in the press release relating to the sub-sovereign action mentioned above.

REGION OF LAZIO

Cartesio S.r.l. - Series 2003-1 is an Italian ABS healthcare receivables transaction, which benefits from payment delegations of the Region of Lazio. Moody's downgraded the ratings of the five classes of notes of Cartesio S.r.l. - Series 2003-1 to Baa2(sf) from A2(sf), as (i) the underlying rating of the transaction is directly linked to the Region of Lazio's credit risk; and (ii) the rating of this region has been downgraded to Baa2 from A2.

REGION OF ABRUZZO

Cartesio S.r.l. - Series 2005-1 and D'Annunzio S.r.l. are Italian ABS healthcare receivables transactions, which are ultimately backed by the unsecured, direct obligations of the Region of Abruzzo. Moody's downgraded the ratings of the notes issued by Cartesio S.r.l. - Series 2005-1 and D'Annunzio S.r.l. to Baa1(sf) from A2(sf), as (i) the claims of the issuers represent unsecured, direct obligations of the Region of Abruzzo; and (ii) the rating of this region has been downgraded to Baa1 from A2.

REGION OF CAMPANIA

POSILLIPO FINANCE S.R.L. and POSILLIPO FINANCE II S.R.L. SERIES 2007-1 are Italian ABS healthcare receivables transactions, which benefit from payment delegations of the Region of Campania (downgraded to Baa2 from A3).

Moody's downgraded to Baa2(sf) from A3(sf) the rating of the class Series 2007-1 note in POSILLIPO FINANCE S.R.L. and the rating of the class A1 note in POSILLIPO FINANCE II S.R.L. SERIES 2007-1. Similarly, Moody's downgraded the underlying rating of the class A2 note in POSILLIPO FINANCE II S.R.L. SERIES 2007-1, which is also linked to the rating of the Region of Campania. However, Moody's did not downgrade the Aa3(sf) rating of the class A2 note, as it benefits from a financial guarantee provided by Assured Guarantee (Europe) Ltd (formerly, Financial Security Assurance (UK) Ltd) (rated Aa3).

Moody's methodology for rating ABS healthcare receivables transactions considers a linkage to the rating of the relevant region, as the assets are unsecured, direct obligations of the region.

AUTONOMOUS REGION OF SICILY

In Rubino Finance S.r.l. assets are claims certain Sicilian enterprises have towards the Autonomous Region of Sicily. As the payments are unsecured, direct obligations of the Autonomous Region of Sicily, which has been downgraded to A3 from A1, Moody's downgraded the rating of Rubino Finance S.r.l. to A3(sf) from A1(sf).

Moody's methodology for rating this transaction considers a linkage to the rating of the Autonomous Region of Sicily as the assets are unsecured, direct obligations of the region.

List of the affected notes:

Issuer: Cartesio S.r.l. - Series 2003-1

EUR200M Tranche 1 Notes, Downgraded to Baa2 (sf); previously on Dec 22, 2008 Confirmed at A2 (sf)

EUR200M Tranche 2 Notes, Downgraded to Baa2 (sf); previously on Dec 22, 2008 Confirmed at A2 (sf)

US$450M Tranche 3 Notes, Downgraded to Baa2 (sf); previously on Dec 22, 2008 Confirmed at A2 (sf)

GBP200M Tranche 4 Notes, Downgraded to Baa2 (sf); previously on Dec 22, 2008 Confirmed at A2 (sf)

EUR141M Tranche 5 Notes, Downgraded to Baa2 (sf); previously on Dec 22, 2008 Confirmed at A2 (sf)

Issuer: Cartesio S.r.l. Series 2005-1

EUR336.665M Series 2005-1 Notes, Downgraded to Baa1 (sf); previously on Jul 1, 2009 Confirmed at A2 (sf)

Issuer: D'Annunzio S.r.l.

EUR327.375M A Notes, Downgraded to Baa1 (sf); previously on Jul 1, 2009 Confirmed at A2 (sf)

Issuer: POSILLIPO FINANCE II S.R.L. SERIES 2007-1

EUR870M A1 Notes, Downgraded to Baa2 (sf); previously on Dec 11, 2008 Confirmed at A3 (sf)

Underlying Rating: Downgraded to Baa2 (sf); previously on Jul 4, 2007 Assigned A3 (sf)

EUR870M A2 Notes, Underlying Rating: Downgraded to Baa2 (sf); previously on Jul 4, 2007 Assigned A3 (sf)

Issuer: POSILLIPO FINANCE S.R.L.

EUR452.655M Series 2007-1 Asset-Backed Floating Rate Notes due 2035, Downgraded to Baa2 (sf); previously on Feb 4, 2009 Confirmed at A3 (sf)

Issuer: Rubino Finance S.r.l.

EUR61.65M A Notes, Downgraded to A3 (sf); previously on Dec 15, 2006 Upgraded to A1 (sf)

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The ratings have been disclosed to the rated entities or their designated agents and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of these transactions in the past six months.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the credit rating action. Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's EU credit rating agencies" on the ratings disclosure page on our website www.moodys.com for further information.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Caroline Pichon
Associate Analyst
Structured Finance Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Carole Gintz
VP - Senior Credit Officer
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 downgrades ABS transactions supported by Italian regions
No Related Data.
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