Moody's: No negative rating impact on CREDEM's mortgage covered bond programme following swap amendments

London, 12 June 2013 -- Moody's Investors Service has said today that the cancellation of the asset swaps and the modifications of the liability swap will not, in and of themselves and at this time, result in a downgrade or withdrawal of the current A2 ratings of the notes issued by Credito Emiliano S.p.A (CREDEM; deposits Baa3/Prime-3 negative, standalone bank financial strength rating D+/baseline credit assessment baa3, negative). Moody's opinion addresses only the credit impact of the amendments, and Moody's is not expressing any opinion as to whether the amendments have, or could have other, non-credit-related effects that may have a detrimental impact on the interests of noteholders and/or counterparties.

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