London, 26 November 2012 -- Moody's has determined that the proposed action to alter the definitions for Eligible Institution and Eligible Investments together with the changes in the Servicing Agreement with regards to certain renegotiations, will not result in a downgrade or withdrawal of the current ratings of the notes (the "Notes") issued by Voba Finance No 2 S.r.l. (the "Issuer"). Moody's opinion address only the credit impact of the proposed action, and Moody's is not expressing any opinion as to whether the action has, or could have, other non-credit related effects that may have a detrimental impact on the interests of note holders and/or counterparties.

Moody's has assessed the proposal to lower the rating requirement for qualifying as an Eligible Institution to Baa3 or P-3 from P-1 and the proposal to lower the rating requirements for Eligible Investments as follows: (i) for investments up to one month to Baa3 or P-3 from A2 or P-1; (ii) for investments between one to three months to Baa2 or P-2 from A1 and P-1; and (iii) for investments between three to six months to A3. Moody's has assessed the probability and impact of a default of BNP Paribas Securities Services, Milan Branch in its role as Account Bank and the Eligible Investments on the ability of the Issuer to meet its obligations under the transaction. The lowering of the replacement trigger to loss of Baa3 or P-3 from loss of P-1 for the Account Bank BNP Paribas Securities Services, Milan Branch means that going forward there is an increased linkage between the rating of the Notes and the ratings of the Account Bank.

Moody's has also assessed the proposals to: (i) further limit the possibility for the Servicer to reduce interest rates or margins and/or allow switches between different interest rate types to 5% of the initial pool balance form 10% of the initial pool balance; (ii) to put a limit of the amount of loans that can have a prolongation of the tenor to maximally 5% of the initial pool balance; and (iii) to introduce the possibility for the Servicer to concede partial payment holidays, (for the principal part of the instalment) of up to 18 months for a portion of the pool not exceeding 5% of the current pool balance at any moment.

The principal methodology used in this rating was Moody's Approach to Rating RMBS in Europe, Middle East, and Africa published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Other Factors used in these ratings are described in The Temporary Use of Cash In Structured Transactions: Eligible Investment Guidelines published in December 2008.

Moody's noted that on 2 July 2012, it released a Request for Comment, in which the rating agency has requested market feedback on potential changes to its rating implementation guidance for its Temporary Use of Cash in Structured Finance Transactions: Eligible Investment and Bank Guidelines. If the revised rating implementation guidance is implemented as proposed, the rating on the Notes should not be negatively affected. Please refer to Moody's Request for Comment, entitled " The Temporary Use of Cash in Structured Finance Transactions: Eligible Investment and Bank Guidelines: Request for Comment" for further details regarding the implications of the proposed methodology changes on Moody's ratings."

Moody's will continue to monitor the ratings of the transaction. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.

On 21 August 2012, Moody's released a Request for Comment seeking market feedback on proposed adjustments to its modelling assumptions. These adjustments are designed to account for the impact of rapid and significant country credit deterioration on structured finance transactions. If the adjusted approach is implemented as proposed, the rating of the notes affected by today rating action may be negatively affected. See "Approach to Assessing the Impact of a Rapid Country Credit Deterioration on Structured Finance Transactions", (http://www.moodys.com/research/Approach-to-Assessing-the-Impact-of-a-Rapid-Country-Credit--PBS_SF294880) for further details regarding the implications of the proposed methodology changes on Moody's ratings.

Marcello Vicarelli Analyst Structured Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Annabel Schaafsma Senior Vice President Structured Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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