London, 21 February 2014 -- Moody's Investors Service has today taken rating actions on four Italian covered bond programmes. Today's rating actions follow Moody's raising of its timely payment indicator (TPI) for all mortgage-backed -- except Banca Carige mortgage Covered Bond programme 2 (commercial) -- and public-sector backed covered bonds to "Probable" from "Improbable". The affected ratings are:

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