DBRS Confirms the 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 ratings on the EUR 5,156,100,000 Class A Notes, on the EUR 1,207,700,000 Class B Notes and on the EUR 836,100,000 Class C Notes issued by Impresa ONE S.r.l. (“the Issuer”).

The rating actions reflect the 28 January 2013 amendment to the CAMPA which lowers the minimum interest rate accruing on accounts of the Italian Account Bank.

The Issuer is a limited liability company incorporated under the laws of Italy. 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.

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.

Surveillance Analyst: Alfonso Candelas
Lead Analyst: Simon Ross
Rating Committee Chair: Glen Leppert
Initial Rating Date: 26 October 2011

Note:
All figures are in Euros unless otherwise noted.