Moody's Determines No Negative Rating Impact Due to Amendment on Cartesio S.r.l - Series 2005-1

London, 16 September 2013 -- Moody's has determined that the proposed action of Cartesio S.r.l. - Series 2005-1 (the "Issuer") to transfer the hedge in place from Merrill Lynch International Bank Limited (NR) (the "old swap counterparty") to Merrill Lynch International (NR) (the "new swap counterparty") as contemplated by the Novation Agreement to be executed on or around end of September 2013 (the "Proposal") will not, in and of itself and at this time, result in a downgrade or withdrawal of the current ratings of the Class A1 notes (the "Notes") issued by the Issuer.

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