MILAN (Standard&Poor's) June 4, 2007-Standard&Poor's Ratings Services said today that it downgraded its credit ratings on the class B, C1, and C2 notes issued by Sestante Finance S.r.l. series 4 (Sestante 4). At the same time it affirmed the ratings on all the notes issued by Sestante Finance in series 1, 2, and 3, and the series 4 class A1 and A2 notes (see list below). The rating actions follow a review of the Sestante transactions in the light of the enactment of the so-called "Bersani Decree" (law decree 7/2007, subsequently converted into law 40/2007). Under the new framework, mortgages for the purchase of a first house granted after the publication of the decree (Feb. 2,
