As previously announced, UniCredit is progressing with Project FINO Phase 2, its plan to sell down a portion of the retained exposure in the FINO securitisation vehicles relating to the €17.7bn portfolio as defined in Project FINO Phase 1.
As a further step to achieve that goal, yesterday both DBRS and Moody's Investor Services have assigned definitive ratings to the Class A, Class B and Class C Notes issued by one of the vehicle, FINO 1 Securitisation S.r.l., while Class D Notes will remain unrated.
UniCredit will now apply to get the Garanzia sulle Cartolarizzazioni delle Sofferenze (GaCS) on the most senior tranche, which benefits from the highest rating assigned so far in Italy in the context of GaCS securitisation, with assigned ratings of A2 by Moody's and BBB (high) by DBRS.
Class B Notes have been assigned with a Ba3 from Moody's and BB (high) by DBRS, while Class C Notes with B1 from Moody's and BB from DBRS.
The senior guaranteed tranche of FINO 1 Securitisation S.r.l. will be instrumental in the establishment of a liquid ABS market backed by Italian NPL exposures, as it will be the first such tranche that will be offered to investors.
Milan, November 23, 2017
Tel. +39 02 88623569; e-mail: MediaRelations@unicredit.eu
Tel. + 39 02 88621872; e-mail: InvestorRelations@unicredit.eu
 The FINO portfolio, as communicated during the Capital Markets Day 2016, originally amounted to €17.7 bn gross bad loans, which decreased to around €16.2 bn as at 30.06.17