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Rating Action:

Moody's reviews six Italian ABS-Leasing transactions for downgrade

10 May 2010

Approximately EUR 3,822 million of debt securities affected

Frankfurt, May 10, 2010 -- Moody's Investors Service has today placed certain classes of notes issued by the following Italian asset-backed securities (ABS) leasing transactions on review for possible downgrade:

F-E Gold S.r.l.

Leasimpresa Finance S.r.l.

Locat SV -- Series 2008

Locat SV S.r.l.

Locat Securitisation Vehicle 2 S.r.l.

Locat Securitisation Vehicle 3 S.r.l.

A complete list of the 14 affected tranches can be found at the end of this press release.

In identifying the six Italian ABS-Leasing transactions for review, Moody's has taken into account the performance of the collateral to date, its deviation from Moody's expectations and the levels of credit enhancement available to absorb losses on the respective portfolios. Within the Italian ABS-Leasing sector, these transactions have shown a material negative deviation from Moody's performance expectations. For more information on the transactions' credit performance and market comparable data, please refer to their respective performance overview reports and Moody's Italian Leasing ABS Indices, both available on www.moodys.com. Moody's outlook for Italian Leasing ABS is negative as per Moody's EMEA ABS & RMBS: 2009 Review & 2010 Outlook, published January 2010.

The review for downgrade was prompted by either (i) cumulative defaults as a percentage of the total securitised receivables exceeding Moody's initial or previously revised assumption, or (ii) the existence of a principal deficiency ledger (PDL) or (iii) constant high periodic defaults, or (iv) a combination thereof.

F-E Gold

Cumulative defaults in F-E Gold S.r.l. currently stand at 7.4% since closing in May 2006, 86% of Moody's assumption of 8.6% for the life of the transaction. The current pool factor is 44%.

Leasimpresa Finance Srl

Moody's notes that cumulative defaults in Leasimpresa Finance S.r.l. have reached 3.3% of the total securitised portfolio since closing in 2006. Moody's initial assumption was 2.25%. The current pool factor is 31.5%.

During the review of this transaction, Moody's will also take into account the reorganisation of Banca Italease S.p.A. and Leasimpresa S.p.A following the merger with Banco Popolare.

Locat transactions

In three of the four Locat transactions cumulative defaults already exceed Moody's default assumption over the life of the transaction.

Cumulative defaults as a percentage of the total securitised balance respectively stand at 4.78%, 6.75%, and 6.0% in Locat SV S.r.l. -- Series 2008, Locat Securitisation Vehicle 2 S.r.l., and Locat Securitisation Vehicle 3 S.r.l. ("Locat SV S.r.l. - Series 2005"), compared to Moody's assumption of 3.1%, 2.25%, and 5.1% respectively. Locat SV S.r.l. ("Locat SV S.r.l. - Series 2006") currently shows a cumulative default level of 5.7% compared to Moody's assumption of 6.3%, which had already been increased from 2.9% in 2009.

In addition to the high default levels, Locat SV S.r.l. and Locat Securitisation Vehicle 3 S.r.l. are exposed to unpaid PDLs.

The pool factors are 72% for Locat SV S.r.l. -- Series 2008, 27% for Locat Securitisation Vehicle 2 S.r.l., 33% for Locat Securitisation Vehicle 3 S.r.l., and 39% for Locat SV S.r.l..

Economic situation

Italian GDP contracted unexpectedly in Q4 2009, following 0.6% quarter-on-quarter growth in Q3 2009, when Italy's economy emerged from five quarters of recession. The outlook for Italy's economy growth is weak for 2010, before accelerating in 2011, with exports remaining the key growth driver. Corporate insolvencies rose 20% in 2008 versus 2007 and another 35%-40% in 2009 compared to 2008. In 2010 Euler-Hermes expects business insolvencies to increase by 15%, as per the "Euler Hermes Insolvency Outlook 2009".

As part of its detailed transaction-by-transaction review, Moody's will reassess the cumulative default rate for the remaining life of the transaction, reflecting the collateral performance to date as well as the future macro-economic environment. Moody's will also request, whenever not already available, updated data on cumulative defaults and other pool characteristics such as geographic concentration, origination vintage of the loans and product type. Where necessary, the rating agency will also try to update its understanding of current servicing and collection procedures. Moody's expects to conclude the detailed transaction reviews over the next six months.

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

The principal methodology used in rating and monitoring the transactions is "The Lognormal Approach applied to ABS Analysis," published in July 2000; "Multi-Pool Financial Lease-Backed Transactions in Italy", published in June 2006; "Moody's Approach to Rating Granular SME Transactions in Europe, Middle East and Africa", published in June 2006; and "Revising Default/Loss Assumptions Over the Life of an ABS/RMBS Transaction," published in December 2008 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. 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 in "Structured Finance Quick Check" at www.moodys.com/SFQuickCheck"

Issuer: F-E Gold S.r.l.

....B, Baa1 Placed Under Review for Possible Downgrade; previously on Jul 22, 2009 Downgraded to Baa1 from A1

....C, Ba1 Placed Under Review for Possible Downgrade; previously on Jul 22, 2009 Downgraded to Ba1 from A3

Issuer: Leasimpresa Finance S.r.l. (LF 2)

....A, Aaa Placed Under Review for Possible Downgrade; previously on Oct 17, 2006 Definitive Rating Assigned Aaa

....B, A2 Placed Under Review for Possible Downgrade; previously on Oct 17, 2006 Definitive Rating Assigned A2

....C, Baa2 Placed Under Review for Possible Downgrade; previously on Oct 17, 2006 Definitive Rating Assigned Baa2

Issuer: Locat SV - Series 2008

....A2, Aaa Placed Under Review for Possible Downgrade; previously on May 22, 2008 Definitive Rating Assigned Aaa

....B, Aa3 Placed Under Review for Possible Downgrade; previously on May 22, 2008 Definitive Rating Assigned Aa3

....C, A3 Placed Under Review for Possible Downgrade; previously on May 22, 2008 Definitive Rating Assigned A3

Issuer: Locat SV S.r.l.

....A2, Aa2 Placed Under Review for Possible Downgrade; previously on Jun 23, 2009 Downgraded to Aa2 from Aaa

....B, A3 Placed Under Review for Possible Downgrade; previously on Jun 23, 2009 Downgraded to A3 from A2

....C, Ba2 Placed Under Review for Possible Downgrade; previously on Jun 23, 2009 Downgraded to Ba2 from Baa2

Issuer: Locat Securitisation Vehicle 2 S.r.l.

....B, A2 Placed Under Review for Possible Downgrade; previously on Oct 22, 2004 Definitive Rating Assigned A2

Issuer: Locat Securitisation Vehicle 3 S.r.l.

....B, A2 Placed Under Review for Possible Downgrade; previously on Nov 21, 2005 Definitive Rating Assigned A2

....C, Baa3 Placed Under Review for Possible Downgrade; previously on May 19, 2009 Downgraded to Baa3 from Baa2

Paris
Carole Gintz
VP - Senior Credit Officer
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Frankfurt
Iris Thate
Asst Vice President - Analyst
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's reviews six Italian ABS-Leasing transactions for downgrade
No Related Data.
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