Italian RMBS Index Report Q4 2008—Performance Down On Q3 Metrics, But Transactions Remain Resilient To Downturn Feb 09

Standard & Poors, February 2009

Abstract
Standard & Poor's Ratings Services' data for delinquencies and defaults in Q4 showed a further deterioration of the performance in Italian residential mortgage-backed securities (RMBS) transactions. These performance metrics do not yet incorporate the benefit that decreasing interest rates are having on floating-rate mortgages in Italy. We expect lower rates to be reflected in performance data over the next few quarters. We consider that the Italian RMBS market might be on the verge of a structural shift: economic activity and unemployment dynamics are likely to take over from affordability considerations as the primary driver of performance in this market, going forward. Despite the deterioration in underlying collateral performance, we do not consider a downturn in the overall performance of the...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Orio Finance No. 3 PLC
- Deutsche Postbank AG
- Heliconus S.r.l.
- Intra Mortgage Finance 1 S.r.l
- CR FIRENZE MUTUI S.r.l.
- Mercurio Mortgage Finance S.r.l.
- Mantegna Finance II S.r.l.
- Marche Mutui Societa per la Cartolarizzazione S.r.l.
- Vela Home S.r.l.
- Apulia Finance N. 2 S.r.l.
- Credico Finance 2 S.r.l.
- F-E Mortgages S.r.l.
- Sestante Finance S.r.l.
- Berica Residential MBS 1 S.r.l.
- Spoleto Mortgages S.r.l.
- Credico Finance 3 S.r.l.
- Apulia Mortgages Finance N. 3 S.r.l.
- Berica 5 Residential MBS S.r.l.
- Cordusio RMBS S.r.l.
- Credico Finance 4 S.r.l.
- Claris Finance 2005 S.r.l.
- Asti Finance S.r.l.
- Credico Finance 5 S.r.l.
- Berica 6 Residential MBS S.r.l.
- Vela ABS S.r.l.
- BCC Mortgages PLC
- Credico Finance 6 S.r.l.
- Cassa Centrale Finance S.r.l.
- Cordusio RMBS 2 S.r.l.
- BPM Securitisation 2 S.r.l.
- Claris Finance 2006 S.r.l.
- Marche Mutui 2 Societa per la Cartolarizzazione a r.l.
- Cordusio RMBS 3 - UBCasa 1 S.r.l.
- Credico Finance 7 S.r.l.
- Claris Finance 2007 S.r.l.
- Intesa Sec. 3 S.r.l.
- BP Mortgages S.r.l.
- Capital Mortgage S.r.l.
- Cordusio RMBS Securitisation S.r.l.
- PB Domicilio 2007-1 Ltd.
- Cassa Centrale Securitisation S.r.l.
- Eurohome (Italy) Mortgages S.r.l.
- BPL Mortgages S.r.l.
- Grecale ABS S.r.l.
- Adriatico Finance RMBS S.r.l.
- UniCredit SpA Obbligazioni Bancarie Garantite Programme
- Guercino Solutions S.r.l.

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