TEXT-Fitch affirms Imser 2, outlook negative

Oct 2 - Fitch Ratings has affirmed Imser Securitisation 2 S.r.l.'s (Imser 2) CMBS notes, due 2025, as follows:

EUR92.4m class A2a (IT0004082720) affirmed at 'BBBsf'; Outlook Negative EUR53.6m class A3a (IT0004082753) affirmed at 'BBBsf'; Outlook Negative EUR75m class A3b (IT0004082787) affirmed at 'BBBsf'; Outlook Negative EUR75m class B1 (IT0003383129) affirmed at 'BBBsf'; Outlook Negative EUR227.4m class B2 (IT0004082761) affirmed at 'BBBsf'; Outlook Negative EUR55m class B3 (IT0004082779) affirmed at 'BBBsf'; Outlook Negative EUR25m class B4 (IT000338972) affirmed at 'BBBsf'; Outlook Negative EUR25m class B5 (IT0003383228) affirmed at 'BBBsf'; Outlook Negative

The affirmation follows Fitch's affirmation of Telecom Italia (TI, 'BBB'/Negative; see 'Fitch Affirms EMEA TMT Ratings' dated 17 September 2012 at

) to which the Imser 2 notes are credit-linked. TI is the sole tenant of the underlying property in the transaction. Whereas the class A2a, A3b, B2, B3 and B4 notes will be fully amortised by legal final maturity through rental payments, and are thus completely linked to TI's rating, the class B1 and B5 notes only benefit from partial scheduled amortisation. The class A3a notes are interest-only. Consequently, Fitch performed a residual property value analysis, in accordance with the agency's European CMBS criteria, in order to gain comfort on the balloon risk related to the aforementioned classes of notes. The agency believes that the exit advance rate, defined as the balance of notes outstanding at maturity divided by the vacant possession value (computed at closing), is so low as to be immaterial to the ratings.

Following recent amendments to the bank guarantee provided by Banca Intesa ('A-'/Negative/ 'F2') to the sponsor (Beni Stabili), the ratings are now credit linked to the lower of the tenant and the guarantor. The guarantee is supporting the sponsor's obligations to cover the potential cash shortfall which may arise at the property company level should the prevailing tax regime no longer apply; since Beni Stabili is not rated by Fitch and non-payment of these contingent obligations could affect the notes' available funds, should the guarantor's rating fall below the tenant's, this could result in a downgrade of the notes.

Since closing, 48 properties and one portion of a property have been sold by the borrower, resulting in a EUR147.9m prepayment under the loan. These prepayments further deleverage the outstanding debt due to the release premium provisions (15% of allocated loan amount) upon asset disposal.

Surveillance data on the transaction is available on

Additional information is available at

. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

The sources of information used to assess these ratings were the issuer, servicer, and periodic payment reports.

Applicable criteria, 'EMEA CMBS Rating Criteria' dated 4 April 2012, are available at

Applicable Criteria and Related Research: EMEA CMBS Rating Criteria (New York Ratings Team)

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