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BULLETIN: Ratings and Outlooks on Italian Banks Unchanged on Parmalat Default Dec 03
Standard & Poors, Dec 2003
Abstract
PARIS (Standard & Poor's) Dec. 22, 2003--Standard & Poor's Ratings Services said today that the lowering to 'D', reflecting a default, of its ratings on Parmalat Finanziaria SpA and Parmalat SpA will not have an impact on its ratings and outlooks on Italian banks. The balance-sheet and off-balance-sheet exposures of individual Italian banks to the Parmalat group are, in some cases, significant. However, the relative size of such exposures is moderate enough, compared with each bank's financial flexibility, to allow the banks to address the exposures without a lasting impairment of their creditworthiness. Given the lack of access to reliable information on the Parmalat group's exact financial position, it is impossible to assess precisely the amount of provisioning needs at...
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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