Fitch IBCA has downgraded one of Italy's most innovative securitization deals by three notches. The Lit475 billion ($244 million) transaction -called Finance for an Italian Library of Movies (Films) - was cut from A-minus to BBB-minus.

It first became clear that the Merrill Lynch-arranged deal was in trouble in November last year when Mediafiction, the company that manages the library of films that provides the cashflow to back the deal, only made a partial payment of receivables to the deal's trustee (ASRI 12/13/1999 p.1).

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