(Repeat for additional subscriber)
Jan 16 (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