London, 09 July 2013 -- Moody's Investors Service announced today that it has downgraded the rating of four classes of notes in three Italian RMBS transactions: Apulia Mortgages Finance N. 3 S.r.l., Apulia Finance N. 4 S.r.l. and Apulia Finance N. 4 S.r.l -- Series 2008-2. Moody' has also confirmed the Class A notes in Apulia Finance N. 4 S.r.l -- Series 2. Insufficiency of credit enhancement to address sovereign risk, counterparty risk and revision of key collateral assumptions have prompted today's downgrade actions.

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