Something strange is happening with one of the Italian markets most high profile and innovative securitizations, leaving experts in Italian securitization biting their finger nails.

The deal, a transaction called Finance for an Italian Library of Movies (Films) that was arranged by Merrill Lynch & Co. for Italian media concern Cecchi Gori Media Group, was recently placed on negative ratings watch by both Fitch IBCA and Duff & Phelps Credit Rating Co. It is backed by cashflows that arise from a library of Italian films and was worth Lit475 billion ($251 million) at launch in March 1998.

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