Various Rating Actions Taken In Three Sestante Finance Italian RMBS Transactions Following Criteria Updates

OVERVIEW We have reviewed Sestante Finance's series 1, 2, and 4 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. Our rating on series 1, 2, and 4's senior classes of notes is constrained by the application of our updated criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating. Our ratings on all of the mezzanine and junior classes of notes in series 2 and 4 (including series 4's class A2 notes) are constrained by the application of our updated Italian RMBS criteria. Following our review, we have taken various rating actions in these transactions. Sestante Finance's series 1,

...OVERVIEW + We have reviewed Sestante Finance's series 1, 2, and 4 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. + Our rating on series 1, 2, and 4's senior classes of notes is constrained by the application of our updated criteria for rating single-jurisdiction securitizations above the sovereign foreign currency rating. + Our ratings on all of the mezzanine and junior classes of notes in series 2 and 4 (including series 4's class A2 notes) are constrained by the application of our updated Italian RMBS criteria. + Following our review, we have taken various rating actions in these transactions. + Sestante Finance's series 1, 2, and 4 are Italian RMBS transactions, which closed in December 2003, December 2004, and December 2006, respectively. They securitize pools of residential mortgage loans. Meliorbanca originated the pools, which...

Ratings Action