Moody's downgrades five notes and confirms two in three Italian RMBS transactions

London, 02 July 2013 -- Moody's Investors Service has today downgraded the ratings of one senior and four junior and mezzanine notes in two Italian residential mortgage-backed securities (RMBS) transactions: Marche Mutui 2 S.r.l.,. and Marche Mutui Società per la Cartolarizzazione S.r.l.. At the same time Moody's has confirmed the rating of the senior note in Marche Mutui 4 S.r.l. and Marche Mutui 2 S.r.l. Insufficiency of credit enhancement to address sovereign risk, counterparty exposure and revision of key collateral assumptions have prompted today's downgrade.

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