OREANDA-NEWS. Fitch Ratings has maintained Media Finance S.r.l. Series 2008's (MF2008) class A notes' 'AAsf' rating on Rating Watch Negative (RWN).

The Italian RMBS transaction comprises loans originated and serviced by Banca Popolare di Puglia e Basilicata (BPPB).

KEY RATING DRIVERS
Payment Interruption Risk Unmitigated
Fitch placed the senior notes of MF2008 on RWN in December 2014 due to insufficient liquidity and inadequate structural mitigants to address commingling and payment interruption risks in the event of a servicer default.

Fitch understands that BPPB is considering remedial actions and is expected to deliver further information on its progress shortly. For this reason Fitch is maintaining the senior notes on RWN, pending further clarification from the issuer. The agency plans to resolve the RWN in the next three months.

RATING SENSITIVITIES
Failure to deliver the necessary information in a timely manner and/or implementation of unsatisfactory remedial actions would trigger multi-category negative rating action.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

DATA ADEQUACY
Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. There were no findings that were material to this analysis. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

Fitch did not undertake a review of the information provided about the underlying asset pools ahead of the transactions' initial closing. The subsequent performance of the transactions over the years is consistent with the agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable.

Overall, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION
The information below was used in the analysis.
- Loan-by-loan data provided by European Data Warehouse as at March 2015.
- Transaction reporting provided by BPPB as of March 2015.