MILAN (Standard&Poor's) May 20, 2009—Standard&Poor's Ratings Services today placed on CreditWatch negative its credit ratings on the class B, C1, and C2 notes series 3 and 4 and the class C1 notes series 2 issued by Sestante Finance S.r.l. (see list below). All the other classes of notes issued by Sestante Finance series 1, 2, 3, and 4 are unaffected. Today's rating actions follow a review of the series 1 to 4 Sestante transactions in light of the recent further deterioration in the performance of the underlying asset pools and connected draws under the respective cash reserves. Severe delinquencies in these four Sestante transactions increased substantially in the second half of 2008. On average they are
