DBRS Confirms Ratings on the Class A, Class B and Class C Notes Issued by Impresa ONE S.r.l.

DBRS Ratings Limited (“DBRS”) has today confirmed the following ratings on the Notes issued by Impresa ONE S.r.l. (“the Issuer”):

• EUR 5,156,100,000 Class A Asset Backed Floating Rate Notes at AAA (sf)
• EUR 1,207,700,000 Class B Asset Backed Floating Rate Notes at A (sf)
• EUR 836,100,000 Class C Asset Backed Floating Rate Notes at BBB (sf)

The rating actions reflect the 9 November 2011 DBRS downgrade of the Republic of Italy’s Long-Term Foreign Currency and Long-Term Local Currency ratings from AA (low) to A (high), Negative Trend maintained. The following analytical considerations are reflected in the rating actions:

• Incorporation of a sovereign related stress component in our stress scenario due to the recent downgrade by DBRS of the Republic of Italy’s sovereign rating from AA (low) to A (high), Negative Trend maintained.
• Increased uncertainty surrounding collateral performance as a result of the impact of deteriorating macroeconomic variables and debt stability issues for the Republic of Italy.

For additional information on the sovereign ratings action, please see “DBRS Downgrades Republic of Italy to A (high) on Fiscal and Market Risks; Trend Remains Negative”, located at http:// dbrs.com/research/243310. For a more detailed discussion of sovereign risk impact on structured finance ratings, refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area”, located at http://dbrs.com/research/239786.

The transaction is a cash flow securitisation collateralised by a portfolio of bank loans to Italian small and medium sized enterprises (“SMEs”) originated by UniCredit S.p.A. (“UniCredit”).

The principal methodology is the Master European Granular Corporate Securitisations (SME CLOs), which can be found on our website under Methodologies.

DBRS determined key inputs used in our analysis based on historical performance data provided for the originator and servicer as well as analysis of the current economic environment. Further information on DBRS’ analysis of this transaction will be available in a rating report on http://www.dbrs.com, or by contacting us at info@dbrs.com.

The sources of information used for these ratings include the parties involved in the rating, including but not limited to Impresa ONE S.r.l. and UniCredit S.p.A.

For additional information on DBRS European SME CLO(s), please see European Disclosure Requirements, located at http://dbrs.com/research/235269.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Simon Ross
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 20 October 2011

Notes:
All figures are in Euros unless otherwise noted.