RPT-Fitch: No Rating Impact on Imser 2 from Liquidity Facility Amendments

Thu Jan 16, 2014 4:43am EST

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Jan 16 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings says that Imser Securitisation 2 S.r.l.'s (Imser 2) CMBS notes will not be affected by the liquidity facility amendments approved on 15 January 2014.

This follows the issuer's consent to the reduction of the liquidity facility limit. The new facility limit is an early reduction to EUR130m, which it was previously scheduled to reduce to by 2016.

The notes are credit-linked to the lower rating of the sole tenant, Telecom Italia (TI, BBB-/Negative), whose rental receipts are used to meet interest costs and amortise the notes, and Banca IMI (BBB+/Negative), who guarantees the sponsor's obligation of dividend distributions, necessary to maintain the beneficial tax regime entered into in 2011. Under this analysis, liquidity will not be required until the expiry of TI's leases in 2021 and the reduction of the liquidity facility limit does not affect the available amount during that period. Therefore the reduction has a neutral credit impact on the transaction.

Surveillance data on the transaction is available on www.fitchratings.com