Fitch Upgrades Two Tranches from the Vela Mortgages Series; Affirms Others

(The following statement was released by the rating agency)

LONDON, July 22 (Fitch) Fitch Ratings has upgraded one tranche

from Vela

Mortgages S.r.l. - Series 1 (VM1) and one from Vela Mortgages

S.r.l. - Series 2

(VM2) and affirmed all others, as follows:

VM1:

Class A (ISIN IT0004364185): affirmed at 'AA+sf', Outlook Stable

Class B (ISIN IT0004364193): affirmed at 'AAsf'; Outlook Stable

Class C (ISIN IT0004364201): upgraded to 'BBB+' from 'BBB?';

Outlook Stable

VM2:

Class A (ISIN IT000455042

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