SCIP 2, the Italian government deal backed by proceeds from an ongoing sale of public property, got a lukewarm response from analysts after releasing its latest investor report. Then Fitch Ratings followed up last week by putting all four outstanding tranches on ratings watch negative.

Fitch said overall performance remains significantly behind its base case assumptions and is no longer within its stressed assumptions. The debt tracker is asking the Ministry of Economy and Finance for more detailed data to clarify performance on the deal - which closed in December 2002 and has been having problems almost continuously ever since.

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