...- Following our review of Sestante Finance series 1, we raised to '## (sf)' from 'A+ (sf)' our rating on the class A1 notes. - Sestante Finance series 1 is an Italian RMBS transaction, which closed in December 2003. It securitizes a pool of residential mortgage loans originated by Meliorbanca. MILAN (S&P Global Ratings) March 21, 2024--S&P Global Ratings today raised to '## (sf)' from 'A+ (sf)' its credit rating on Sestante Finance S.r.l.series 1's class A1 notes. Today's rating action follows our credit and cash flow analysis of the most recent transaction information that we have received as of the December 2023 payment date. Arrears based on the total portfolio balance (including defaults) marginally increased to 3.2% in December 2023 from 3.1% in December 2022. The arrears ratio based on the performing balance (net of defaults) also increased to 5.1% from 4.9%, but is much lower than the historical peaks. Arrears can include situations where borrowers are not able to pay previously...
