TEXT-Fitch on Italfinance Securitisation Vehicle 2, 2007-1

(The following statement was released by the rating agency)

April 21 - Fitch Ratings has today affirmed Italfinance Securitisation
Vehicle 2 S.r.l. Series 2007-1 (Italfinance) notes, as listed below.
Italfinance is a securitisation of financial lease contracts originated by
Banca Italease S.p.A. and Mercantile Leasing S.p.A in Italy.
EUR1,442.40m Class 1-A floating-rate notes (ISIN IT0004197254): affirmed at
'AAA'; Negative Outlook
EUR125m Class 1-B floating-rate notes (ISIN IT0004197270): affirmed at 'A';
Negative Outlook
EUR84.3m Class 1-C floating-rate notes (ISIN IT0004197288): affirmed at 'BBB';
Negative Outlook
EUR27.9m Class 1-D floating-rate notes (ISIN IT0004197304): affirmed at 'BBB-'
(BBB minus); Negative Outlook.
Since Q108, the transaction has performed worse than the base case assumptions
(as at April 2008, the cumulative gross default ratio (CGDR) stood at 0.98%
versus a base case at 0.77% and cumulative net default ratio (CNDR) at 0.96%
versus a base case at 0.76%). The increase in the current gross defaults during
April 2008 (from which 75% have come from the originator Mercantile Leasing
S.p.A.'s real estate pool) will be monitored very closely by Fitch during the
next quarters. The credit enhancement levels have been constant. The deal is
still in its revolving period, which is due to end in July 2008. Since the
closing, the amount deposited in the debt service reserve fund has been equal
to the target amounts. A back-up servicer has been appointed after closing and
can step into the transaction if a replacement is required.
Fitch will continue to closely monitor this transaction. A report detailing the
transaction's performance to date, entitled "Italfinance Securitisation Vehicle
2 S.r.l. Series 2007-1 - Performance Update", will soon be available on the
agency's subscription website, www.fitchresearch.com.
(New York Ratings Team)