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Announcement:

Moody's updates on four Banco Popolare RMBS deals

19 Dec 2008
Moody's updates on four Banco Popolare RMBS deals

Milan, December 19, 2008 -- Moody's Investors Service said today that there is no rating impact on four RMBS transactions originated by banks in the Banco Popolare Banking Group following certain amendments that have been made to the documentation. The transactions are:

- BP Mortgages S.r.l.;

- BP Mortgages S.r.l. Series 2007-2;

- BPL Mortgages S.r.l.; and

- Bipitalia (former Bipielle) Residential S.r.l.

- Last rating action date for BP Mortgages S.r.l. was 11 April 2007,

- Last rating action date for BP Mortgages S.r.l. Series 2007-2 it was 29 June 2007,

- Last rating action date for BPL Mortgages S.r.l. was 17 December 2007, and

- Last rating action date for BPL Mortgages S.r.l. was 25 June 2004.

The amendments to the transaction documents were necessary due to a) the geographic reorganisation of the Banco Popolare Banking Group ("Banking Group") on 1 November 2008; and b) the merger between Banca Popolare Italiana Soc. Coop. and Banco Popolare di Verona e Novara in July 2007 and the consequent merger of these banks to form the Banco Popolare Banking Group in July 2008.

Under the geographic reorganisation of the Banco Popolare Banking Group, certain branches were swapped within the Banking Group. As a result of this reorganisation, the servicers of these RMBS transactions have delegated some servicing activities to other banks within the Banking Group. The servicers have retained their liability under the original agreements and delegated the servicing activities current costs and expenses.

Further amendments of certain transaction documents were necessary to enhance structural protection in BP Mortgages S.r.l. and BP Mortgages S.r.l. Series 2007-2 and bring them in line with the back-up servicer and the guarantee provisions set out in the BPL Mortgages S.r.l. transaction. Moody's understands that similar amendments are in the process of being implemented in the Bipitalia Residential S.r.l. transaction.

In particular, an unconditional and irrevocable guarantee will be issued by a P-1-rated entity in favour of the issuers for the due and timely performance of the payment obligations of the servicers in respect of the collections under the servicing agreement and any payment obligations in respect to the amounts related to the Mutuo Alberto loans under the intercreditor agreement. In addition, certain provisions provide for the appointment of a back-up servicer if a rating trigger (set at Baa3) is breached in relation to the Banco Popolare holding company (currently rated A2/P-1/C-) or if the participation of the holding company in the servicers falls below a certain level.

Moody's has reviewed the four securitisation transactions to assess the impact of the documentation changes on the outstanding ratings and has taken no rating action.

Please note that today's announcement relates solely to the amendments to these transactions following the reorganisation process and do not provide an assessment of the current performance of the RMBS transactions. Moody's will continue to monitor closely these transactions and continue to conduct periodic servicer quality reviews.

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 transaction. 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. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors.

The principal methodology used in rating the transaction was "Moody's Approach to Rating Italian RMBS" published in December 2004, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies directory.

For further information on the respective transactions, please refer to www.moodys.com or contact Moody's Client Service Desk on (+44 20) 7772 5454.

Frankfurt
Marie-Jeanne Kerschkamp
Managing Director
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Milan
Nikoletta Knapcsek
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
Telephone:+39-02-9148-1100

No Related Data.
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