DBRS Confirms Ratings on the Notes issued by Impresa ONE S.r.l. and Removes from UR-Negative

DBRS Ratings Limited (“DBRS”) has today confirmed the ratings on the following Notes issued by Impresa ONE S.r.l. (“the Issuer”) and has removed them from Under Review with Negative Implications:

• EUR 2,133,355,453 Class A Notes: AAA (sf)
• EUR 1,207,700,000 Class B Notes: A (sf)
• EUR 836,100,000 Class C Notes: BBB (sf)

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 rating on the Class A Notes addresses the timely payment of principal and interest payable on or before the Maturity Date on 31 October 2054. The ratings on the Class B and Class C Notes address the ultimate payment of principal and interest payable on or before the Maturity Date.

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

Unicredit S.p.A. acts as the Originator and Servicer of the portfolio, Cash Manager and is the Hedge Counterparty. BNP Paribas Securities Services, Milan Branch is the Italian Account Bank and Paying Agent.

The rating actions reflect the 6 March 2013 downgrade of the Republic of Italy’s long-term and local currency debt to A (low) from 'A', with both ratings remaining on Negative Trend, including the incorporation of a sovereign related stress component in the rating analysis, related to the A (low) rating on trend Negative, to address the impact of macroeconomic variables on collateral performance.

For a more detailed discussion of sovereign risk impact on Structured Finance ratings, please refer to DBRS commentary “The Effect of Sovereign Risk on Securitisations in the Euro Area”, located at http://dbrs.com/research/239786.

The sources of information used for these ratings include the parties involved in the rating, including but not limited to the Originator, the Issuer and its agents.

Further information on DBRS’s analysis of this transaction is available in a rating report on http://www.dbrs.com, or by contacting us at info@dbrs.com.

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.

Initial Lead Analyst: Simon Ross
Initial Rating Date: 26 October 2011
Lead Surveillance Analyst: Alfonso Candelas
Most Recent Rating Update: 14 March 2013
Rating Committee Chair: Jerry van Koolbergen

Note:
All figures are in Euros unless otherwise noted.