TEXT-Fitch cuts Andromeda Finance class A1 notes to 'A-'

Feb 9 - Fitch Ratings has downgraded Andromeda Finance S.r.l's (the
issuer) EUR97.6m class A1 notes due 2028 to 'A-' from 'A+' and removed them from
Rating Watch Negative (RWN). The Outlook is Negative.

The downgrade reflects the reduced credit quality of SACE S.p.A (the Italian
Export Credit Agency owned by the Italian government), which guarantees the
project loan underlying the Class A1 notes. SACE was downgraded to 'A-'/Negative
from 'A+'/RWN on 8 February 2012. The downgrade of SACE mirrored that taken on
Italy's sovereign rating on 27 January 2012. The rating and the Outlook on the
Class A1 notes of Andromeda Finance S.r.l. are aligned with those of SACE given
the structural features of the guarantee.

The class A2 notes, which rank pari passu with class A1 but do not benefit from
the SACE guarantee, and the underlying rating on the class A1 notes, are
unaffected and remain rated 'BB+' with Stable Outlook.

The transaction is a securitisation of two project loans (Facility A1 and
Facility A2) under law 130/99 (the Italian securitisation law). The debt
facilities were extended by BNP Paribas and Societe Generale to Andromeda PV
S.r.l. (the project company) to build and operate two photovoltaic plants of
45.1MW and 6.1 MW (a total 51.2MW) in Montalto di Castro, Italy. The terms of
the loans effectively mirror those of the rated notes, with payments under
Facility A1 and Facility A2 servicing the class A1 notes and class A2 notes,
respectively.

Contact:

Primary Analyst
Jelena Babajeva
Director
+44 20 3530 1375
Fitch Ratings Limited
30 North Colonnade
London E14 5GN

Secondary Analyst
Federico Gronda
Senior Director
+39 02 8790 87287

Committee Chairperson
Dan Robertson
Managing Director
+44 20 3530 1312

Additional information is available at www.fitchratings.com. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable criteria, 'Rating Criteria for Infrastructure and Project Finance',
dated 16 August 2011 and 'Rating Criteria for Solar Power Projects', dated 23
February 2011 are available at www.fitchratings.com.

Applicable Criteria and Related Research:
Rating Criteria for Infrastructure and Project Finance
Rating Criteria for Solar Power Projects