The securitization of delinquent social security payments for the Italian pensions agency, INPS, will be rated by Moody's, Standard & Poor's, Fitch IBCA and Italrating, an INPS official confirmed recently.

The agencies will have their work cut out, however, as INPS still insists that the transaction, which could be worth E5.17 billion ($5.3 billion), has to reach the market by the year-end.

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