London, 13 November 2012 -- Moody's has determined that the proposed action of UniCredit S.p.A. ("UCI" or the "swap counterparty") to amend the two interest swap agreements should 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 Impresa ONE S.r.l (the "Issuer"). Moody's opinion addresses 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 noteholders and/or counterparties.

Moody's has assessed the proposal to amend the two interest swap agreements by lowering the rating downgrade triggers which will require the swap counterparty to post collateral and get a replacement counterparty or guarantor. The collateral trigger changes from loss of A-2 or P-1 to loss of Baa3 while the replacement / guarantor trigger changes from loss of A3 to loss of Baa3. Furthermore, both triggers will be breached upon loss of P-3 but only in the absence of a public long term rating by Moody's. Moody's has made this determination based on, among other things, the degree of compliance with the Framework for De-Linking Hedge Counterparty Risks from Global Structured Finance Cashflow Transactions published in October 2010, along with UCI's current long-term and short-term ratings of Baa2 and P-2.

Moody's has assessed the probability and impact of a default of the swap counterparty on the ability of the Issuer to meet its obligations under the transaction, including the impact of the loss of any benefit from the swap.

The principal methodology used in this rating was "Moody's Approach to Rating CDOs of SMEs in Europe" published in February 2007. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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 "Approach to Assessing Linkage to Swap Counterparties in Structured Finance Cashflow Transactions". 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 "Approach to Assessing Linkage to Swap Counterparties in Structured Finance Cashflow Transactions: 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.

Sebastian Hoepfner 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 Monica Curti Vice President - Senior Analyst Structured Finance Group Telephone:+39-02-9148-1100 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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