A new court ruling issued last week on the repossession of a lease asset may add some pressure to the popular Italian lease securitization structure.

Opinions vary on the extent of damage, but industry players are treading lightly, awaiting reaction from the rating agencies. According to market sources, at least one deal, Italese Finance 2003-1 S.p.A., which was expected to launch last week, has been postponed until implications of the ruling are better understood.

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