Italian ABS Leasing Index Report Q3 2011: Collateral Performance Has Weakened, But Ratings Remain Stable Dec 11

Standard & Poors, December 2011

Abstract
After stabilizing in the second half of 2010, delinquencies and defaults among assets backing Italian lease securitizations that we rate-typically real estate, equipment, and vehicles-began to increase again slightly in the second half of 2011. In our view, credit deterioration has especially hit lessees that were already in arrears. Thus, delinquencies didn't spike but increasingly transitioned to default. Generally, the persistent weak collateral performance since 2009 reflects the overall credit conditions in the Italian and wider Economic and Monetary Union (EMU or eurozone) economies. However, Standard & Poor's Ratings Services believes performance has also been affected by decreasing collateral volumes in recent years, due to the amortization of seasoned transactions and limited new issuance (see chart 3). The share of...

Companies mentioned in this report are: Italease Finance SpA,Agri Securities S.r.l.,Leasimpresa Finance S.r.l.,Quarzo Lease S.r.l.,Vela Lease S.r.l.,F-E Green S.r.l.,Locat Securitisation Vehicle 2 S.r.l.,SPLIT 2 S.r.l.,Tricolore Funding S.r.l.,Locat SV S.r.l.,Italfinance Securitisation Vehicle S.r.l.,A-Leasing Finance S.r.l.,CLARIS LEASE FINANCE 2009 S.R.L.,Dolomiti Finance S.r.l.,Agricart 4 Finance S.r.l.

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.

Italease Finance SpA,Agri Securities S.r.l.,Leasimpresa Finance S.r.l.,Quarzo Lease S.r.l.,Vela Lease S.r.l.,F-E Green S.r.l.,Locat Securitisation Vehicle 2 S.r.l.,SPLIT 2 S.r.l.,Tricolore Funding S.r.l.,Locat SV S.r.l.,Italfinance Securitisation Vehicle S.r.l.,A-Leasing Finance S.r.l.,CLARIS LEASE FINANCE 2009 S.R.L.,Dolomiti Finance S.r.l.,Agricart 4 Finance S.r.l.

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