DBRS Confirms Rating on the Class A Notes Issued by MondoMutui Cariparma S.r.l.

DBRS Ratings Limited (“DBRS”) has confirmed the AAA (sf) rating on the Class A Notes (the “Notes”) issued by MondoMutui Cariparma S.r.l. (the “Issuer”). The confirmation follows amendments to the legal documentation executed on 1 August 2013 which include:

• the Minimum Rating required by DBRS for an institution to be considered “Eligible Institution”;
• the rating levels required for “Eligible Investments” having different maturities.

The amendments to the legal documentation comply with the DBRS Legal Criteria for European Structured Finance Transactions given the ratings of the Notes.

Notes:
All figures are in euros unless otherwise noted.

The principal methodologies applicable are:
• Master European Residential Mortgage-Backed Securities Rating Methodology
• Legal Criteria for European Structured Finance Transactions
• Derivative Criteria For European Structured Finance Transactions
• Operational Risk Assessment for European Structured Finance Servicers
• Unified Interest Rate Model Methodology for European Securitisations
• Master European Structured Finance Surveillance Methodology

These can be found on dbrs.com under Methodologies. 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”.

The sources of information used for this rating include Payment Reports, Investor Reports and Servicer Reports provided by the counterparties to the transaction. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

The most recent rating action on this transaction took place on 4 April 2013 when DBRS confirmed the AAA (sf) rating of the Notes following a review of the transaction which incorporated a sovereign related stress component in the rating analysis to address the impact of macroeconomic variables on collateral performance.

The individual linking document for this transaction is located at http://www.dbrs.com/research/248225/linking-document-mondomutui-cariparma-series-2012.pdf

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

Initial Lead Analyst: Konstantine Pastras
Initial Rating Date: 11/05/2012
Rating Committee Chair: Claire Mezzanotte
Previous Rating Date: 4 April 2013

Lead Surveillance Analyst: Elisa Scalco
Rating Committee Chair: Mary Jane Potthoff

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