Rating Lowered On Italian RMBS Transaction Sestante Finance Series 3's Class B Notes For Counterparty Reasons

OVERVIEW Under our current counterparty criteria, our rating on Sestante Finance series 3's class B notes is weak-linked to our long-term issuer credit rating on Banca Popolare dell'Emilia Romagna as the collection bank account provider. On Dec. 18, 2014, we lowered our long-term rating on Banca Popolare dell'Emilia Romagna. Following this downgrade, we did not lower our rating on Sestante Finance series 3's class B notes. Today's downgrade of the class B notes to 'BB- (sf)' from 'BB (sf)' corrects this error. Sestante Finance series 3 is an Italian RMBS transaction, which closed in December 2005. It securitizes a pool of residential mortgage loans originated by Meliorbanca. PARIS (Standard&Poor's) Oct. 2, 2015--Standard&Poor's Ratings Services today lowered

...OVERVIEW Under our current counterparty criteria, our rating on Sestante Finance series + 3's class B notes is weak-linked to our long-term issuer credit rating on Banca Popolare dell'Emilia Romagna as the collection bank account provider. On Dec. 18, 2014, we lowered our long-term rating on Banca Popolare dell'Emilia + Romagna. Following this downgrade, we did not lower our rating on Sestante Finance series + 3's class B notes. Today's downgrade of the class B notes to '##- (sf)' from '## (sf)' corrects this error. Sestante Finance series 3 is an Italian RMBS transaction, which closed in + December 2005. It securitizes a pool of residential mortgage loans originated by Meliorbanca. PARIS (Standard & Poor's) Oct. 2, 2015--Standard & Poor's Ratings Services today lowered to '##- (sf)' from '## (sf)' its credit rating on Sestante Finance S.r.l.'s series 3's class B notes (see list below). Under our current counterparty criteria, our rating on Sestante Finance series 3's class B notes is weak-linked...

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