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Announcement:

Moody's updates on the 24-7 Finance S.r.l. - RMBS following the amendment on account banks

Global Credit Research - 10 Jul 2017

Frankfurt am Main, July 10, 2017 -- Moody's Investors Service announced today that the amendment to incorporate Unione di Banche Italiane S.p.A. ("UBI Banca") as Additional Transaction Account Bank and Additional Cash Manager did not have an adverse effect on the credit quality of the securities such that the current ratings of the notes issued by 24-7 Finance S.r.l. -- RMBS ("the Issuer") were impacted.

The amendments executed on 23 Jun 2017 are (1) the appointment of UBI Banca as Additional Transaction Account Bank and Additional Cash Manager and (2) the transfer of cash deposited on the Transaction Accounts opened with The Bank of New York Mellon ("BONY") into the new accounts opened with UBI Banca ("Additional Transactions Accounts"), respectively. Further to the transfer, the relevant Transaction Accounts will be kept opened. Upon the downgrade of UBI Banca below the required rating of Baa3 rating, all amounts standing to credit the Additional Transaction Accounts will be transferred back to the Transaction Accounts.

Moody's assesses exposure to UBI Banca as Additional Transaction Account Bank in accordance with its cross-sector methodology "Moody's Approach to Temporary Use of Cash in Structured Finance Transactions: Eligible Investments and Account Banks" published in December 2015.

Please note that on 22 March 2017, Moody's released a Request for Comment, in which it has requested market feedback on potential revisions to its Approach to Assessing Counterparty Risks in Structured Finance. If the revised Methodology is implemented as proposed, the Credit Ratings of Class A notes issued by 24-7 Finance S.r.l. -- RMBS is not expected to be affected. Please refer to Moody's Request for Comment, titled "Moody's Proposes Revisions to Its Approach to Assessing Counterparty Risks in Structured Finance," for further details regarding the implications of the proposed Methodology revisions on certain Credit Ratings.

Moody's opinion addresses only the credit impact associated with the proposed amendments, and Moody's is not expressing any opinion as to whether the amendments have, or could have, other non-credit related effects that may have a detrimental impact on the interests of note holders and/or counterparties.

The principal methodology used in these ratings were "Moody's Approach to Rating RMBS Using the MILAN Framework" published in September 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Moody's will continue monitoring the ratings. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Yuezhen Wang
Analyst
Structured Finance Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Michelangelo Margaria
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
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