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(Editor's note: This media release, which was originally published yesterday,
is being republished to correct the size of the class A notes in the ratings
list. An amended version follows.)
MILAN (Standard & Poor's) May 15, 2008?Standard & Poor's Ratings Services said
today that it has assigned its credit ratings to the asset-backed
floating-rate notes series 2008-1 issued by Italfinance Securitisation Vehicle
2 S.r.l. (see list below).
This is the 13th securitization originated by Banca Italease SpA and the third
securitization originated by Mercantile Leasing SpA rated by Standard &
Poor's. The third originator is Italease Network. All three originators are
part of the Banca Italease group.
The notes are backed by a portfolio of lease receivables, broken into three
pools depending on the underlying asset. The underlying assets are: vehicles
(pool one), equipment (pool two), and real estate (pool three).
Compared with the previous transactions, the main differences are the absence
of a revolving period and the issuance of only one class of 'AAA' rated notes,
with a big junior unrated class that provides protection for the senior notes.
The transaction was structured with a warehouse phase during which Italfinance
acquired an initial portfolio from the originators and funded the purchase by
issuing unrated notes (the warehouse notes). On the issue date, Italfinance
issued a new series of notes and the proceeds were used to redeem the
warehouse notes, to pay the costs under the warehouse program, and to purchase
an additional pool of receivables.
A copy of Standard & Poor's complete new issue report for this transaction can
be found on RatingsDirect, the real-time Web-based source for Standard &
Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com.
Alternatively, call Client Support Europe on (44) 20-7176-7176. Members of the
media may contact the Press Office Hotline on (44) 20-7176-3605 or via
media_europe@standardandpoors.com. Local media contact numbers are: Paris (33)
1-4420-6657; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or
Moscow (7) 495-783-4017.
RATINGS LIST
Italfinance Securitisation Vehicle 2 S.r.l.
?1,042.932 Million Asset-Backed Floating-Rate Notes Series 2008-1
Class Rating Amount (Mil. ?)
A AAA 830.700
B NR 212.232
NR?Not rated.
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