OVERVIEW 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, the collection bank account provider. On Sept. 30, 2016, we withdrew our long-term rating on Banca Popolare dell'Emilia Romagna at the issuer's request. We have consequently placed on CreditWatch negative our rating on the class B notes. We have also placed on CreditWatch negative our ratings on the class C1 and C2 notes as the October 2016 investor report shows that the cumulative default ratio for these classes is very close to their interest deferral trigger. Sestante Finance series 3 is an Italian RMBS transaction, which closed in December 2005. It securitizes a pool of residential
