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~~~~~((#))016010000p-Ratings & Rating Changes

Moody's may cut ratings on Fiordilatte notes

LONDON: Moody's has placed the rating of the Class A Asset-Backed Floating Rate Notes issued by Fiordilatte S.r.l. on review for possible downgrade.

Fiordilatte S.r.l. is a special purpose vehicle incorporated in Italy under law 130/99.

The class placed on review is: Euro 94,000,000 Class A Notes: rated Aa2, on review for possible downgrade.

This rating review results from Moody's recent decision to place Assicurazioni Generali SpA's Insurance Financial Strength rating of Aa2 on review for possible downgrade.

Investors should note that the cash flows associated with the interest and principal payments of the Class A noteholders, along with the payments associated with any senior fees, are backed by the unconditional and irrevocable undertaking ("Performance Bond") from Assicurazioni Generali S.p.A.

As a result, the rating in the transaction is and will be heavily dependent on the performance bond mechanism and Generali's capacity and willingness to perform its obligations under such contract.-Reuters