...- Following our review of Sestante Finance series 2, we raised our ratings on the class A, B, and C1 notes. - Sestante Finance series 2 is an Italian RMBS transaction, which closed in December 2004. It securitizes a pool of residential mortgage loans originated by Meliorbanca SpA. MILAN (S&P Global Ratings) Dec. 14, 2023--S&P Global Ratings today raised its credit ratings on Sestante Finance S.r.l.'s series 2's class A and B notes to '## (sf)' from 'A+ (sf)', and C1 notes to '###+ (sf)' from '##+ (sf)'. Today's rating actions follow our credit and cash flow analysis of the most recent transaction information that we have received, as of the October 2023 payment date. Arrears based on the total portfolio balance (including defaults) increased in October 2023 to 3.47% from 2.36% in October 2022, but are much lower than the historical peaks. The arrears ratio based on the performing balance (net of defaults) also increased to 6.07% from 3.94%. Arrears can include situations where borrowers...
