Frankfurt am Main, November 22, 2012 -- Moody's has determined that the proposed action of UniCredit S.p.A. ("UCI" or the "swap counterparty") to amend the 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 Locat Securitisation Vehicle 2 S.r.l. and Locat SV S.r.l. -- Series 2006 (the "Issuers"). 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 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. 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 methodologies used in these ratings were "Moody's Approach to Rating Multi-Pool Financial Lease-Backed Transactions in Italy", published in June 2006, "Refining the ABS SME Approach: Moody's Probability of Default assumptions in the rating analysis of granular Small and Mid-sized Enterprise portfolios in EMEA", published in March 2009 and "Moody's Approach to Rating Granular SME Transactions in Europe, Middle East and Africa", published in June 2007. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

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.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

Ludovic Thebault Analyst Structured Finance Group Moody'sDeutschland GmbH An der Welle 5 Frankfurt am Main 60322 Germany 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 Deutschland GmbH An der Welle 5 Frankfurt am Main 60322 Germany 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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