London, 18 December 2012 -- Moody's has determined that the proposed action of UniCredit S.p.A., (the swap counterparty) to modify the swap agreement so that the first swap rating trigger is set at loss of Baa1 and second swap rating trigger at loss of Baa3 will not, in and of itself and at this time, result in a downgrade or withdrawal of the current ratings of the [notes (the "Notes")] issued by Cordusio RMBS Securitisation S.r.l. and Cordusio RMBS UCFin 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.

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