OVERVIEW We have reviewed Sestante Finance series 3 by conducting our credit and cash flow analysis under our updated Italian RMBS criteria and our updated criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating. Following our review, we have affirmed our 'A (sf)' rating on the class A notes. At the same time, we have lowered our ratings on the class B, C1, and C2 notes. Sestante Finance series 3 is an Italian RMBS transaction, which closed in December 2005. It securitizes a pool of residential mortgage loans originated by Meliorbanca. PARIS (Standard&Poor's) Nov. 17, 2014--Standard&Poor's Ratings Services today took various credit rating actions in Sestante Finance S.r.l.'s series 3. Specifically, we have: Affirmed
