Moody's, sotto lente Abs e Rmbs italiane legate a banche

venerdì 26 giugno 2009 12:56

MILANO, 26 giugno (Reuters) - Di seguito il comunicato integrale Moody's sul possibile impatto sulle cartolarizzazioni italiane dall'analisi avviata dall'agenzia di rating sulle banche italiane.

Moody's updates on the impact on Italian ABS and RMBS from potential downgrades of various Italian banks

Milan, June 26, 2009 -- Moody's Investors Service said today that it is assessing the impact on outstanding Italian asset-backed securities (ABS) and residential mortgage-backed securities (RMBS) transactions from rating downgrades of various Italian financial institutions.

On 18 June 2009, Moody's placed the bank financial strength or long-term debt and deposit ratings of 21 Italian financial institutions on review for possible downgrade. At the same time the rating agency placed the long-term deposit ratings of two banks on review for possible upgrade. Moody's also placed on review for possible downgrade the Prime-1 short-term deposit ratings of nine banks. Moody's expects to conclude most of these Italian financial institution reviews in the coming weeks, with most expected downgrades being limited to a single notch. Please refer to the press release from 18 June 2009 for a detailed list of the rating actions taken by Moody's Financial Institution Group (FIG).

Moody's notes that a limited number of Italian ABS and RMBS transactions have exposure to one or more Italian financial institutions potentially affected by the recent FIG rating actions and the final outcome of the review for possible downgrade. The degree of exposure, which is usually limited, depends on the role the financial institution performs in the transaction and the structural remedies envisaged if the counterparty's rating deteriorates. The key risk exposures are summarised below.