OVERVIEW We have reviewed Sestante Finance series 3's performance using data from the January 2014 payment report. We have placed on CreditWatch negative our rating on the class B notes because the transaction's performance has deteriorated since our last review in March 2013, and credit enhancement for this class of notes has further reduced. Sestante Finance's series 3 is an Italian RMBS transaction backed by a pool of residential mortgage loans that Meliorbanca originated. LONDON (Standard&Poor's) March 13, 2014--Standard&Poor's Ratings Services today placed on CreditWatch negative its 'BBB- (sf)' credit rating on Sestante Finance S.r.l. series 3's class B notes. Today's CreditWatch negative placement follows our review of the transaction's performance since our March 22, 2013
