Investors who own bonds in Italy's jumbo INPS transaction may be able to breathe a sigh of relief, as the much publicized problems with the E4.65 billion deal (ASRI 9/10/2000 p.3) may not be as serious as first thought.

Standard & Poor's has affirmed its AAA ratings for all three tranches after discussions with the Italian state pensions body and deal issuer, Istituto Nazionale della Previdenza Sociale, revealed that the collection figures were actually higher than had been reported.

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