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Banca Popolare di Intra Downgraded To 'BB' On Deteriorating Financials; Still On Watch Dev Aug 06
Standard & Poors, Aug 2006
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.
Abstract
MILAN (Standard & Poor's) Aug. 3, 2006--Standard & Poor's Ratings Services said today that it lowered its long-term counterparty credit rating on Italian regional bank Banca Popolare di Intra SCPARL (Intra) to 'BB' from 'BB+'. At the same time, the short-term rating was affirmed at 'B'. The ratings remain on CreditWatch with developing implications, where they were originally placed on Feb. 15, 2006. 'The downgrade reflects Intra's weakened profitability and franchise, highlighted by the decline of the bank's retail funding base,' said Standard & Poor's credit analyst Taos Fudji. The rating action also takes into account unresolved legal risks, following Intra's failure to settle claims for damages with judicial authorities regarding the bankruptcy of textile company Finpart (not rated). The...
Companies mentioned in this report are: Banca Popolare di Intra SCPA,Veneto Banca S.C.P.A.,Banca Popolare di Vicenza ScpA,Banco Popolare di Verona e Novara SCRL
Action: Affirmed
Action: CreditWatch Update
Action: Downgraded
Action: On CreditWatch:Developing
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