Apr 18 -
-- We have reviewed Atlante Finance in light of increased arrears in some
of the more concentrated portions of the underlying portfolio.
-- Following our analysis, we have placed on CreditWatch negative our
ratings on the class B and C notes.
-- The class A notes remain on CreditWatch negative for performance and
counterparty reasons, pending further analysis of arrears developments after
the April 2012 interest payment date.
-- The transaction is originated by Banca Unipol and backed by a mixed
portfolio of loans to SMEs and residential loans.
Standard & Poor's Ratings Services today placed on CreditWatch negative its credit ratings
on Atlante Finance S.r.l.'s class B and C notes. The class A notes remain on CreditWatch
negative (see list below).
On Dec. 21, 2011, we placed our rating on the class A notes on CreditWatch
negative for counterparty reasons (see "European ABS CreditWatch Placements
Linked To Recent Bank Rating Actions--Dec. 21, 2011"). This followed our Nov.
29, 2011 downgrade of The Royal Bank of Scotland N.V. (RBS; A/Stable/A-1), the
transaction's swap and liquidity provider (see "Research Update: Royal Bank of
Scotland Long-Term Rating Lowered To 'A' On Bank Criteria Change; S-T Rating
Affirmed; Outlook Stable," published on Nov. 29, 2011). In our view, a link
exists between our rating on the class A notes and our rating on RBS, because
we do not consider the swap and liquidity documents to be in line with our
2010 counterparty criteria (see "Counterparty and Supporting Obligations
Methodology and Assumptions," published on Dec. 6, 2010).