(The following statement was released by the rating agency)
-- We have reviewed the performance of Atlante Finance's underlying portfolio.
-- Following our analysis, we have lowered and removed from CreditWatch negative our rating on the class A notes for counterparty reasons.
-- We have also affirmed and removed from CreditWatch negative our ratings on the class B and C notes for performance reasons.
-- Atlante Finance is an Italian ABS transaction originated by Unipol Banca.
Standard & Poor's Ratings Services today lowered to 'A+ (sf)' from 'AA- (sf)' and removed from CreditWatch negative its credit rating on Atlante Finance S.r.l.'s class A notes. At the same time, we have affirmed and removed from CreditWatch negative our ratings on the class B and C notes (see list below).
Today's rating actions follow our review of the transaction's performance and our assessment of counterparty risk under our 2012 counterparty criteria (see 'Counterparty Risk Framework Methodology And Assumptions,' published on May 31, 2012).
On Dec. 21, 2011, we placed on CreditWatch negative our rating on the class A notes for counterparty reasons (see 'Ratings On 19 Tranches In 12 European ABS Transactions Placed On CreditWatch Negative After Bank Rating Actions'). This followed our Nov. 29, 2011 downgrade of The Royal Bank of Scotland PLC (RBS; A/Stable/A-1), the transaction's swap and liquidity provider (see 'Research Update: Royal Bank of Scotland Long-Term Rating Lowered To 'A' On Bank Criteria Change; S-T Rating Affirmed; Outlook Stable').
On April 18, 2012, we placed on CreditWatch negative our ratings on Atlante Finance's class B and C notes and kept our rating on the class A notes on CreditWatch negative for performance reasons (see 'Ratings Placed On CreditWatch Negative On Italian RMBS Atlante Finance's Class B And C Notes; Class A Rating Unchanged').
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