Research Update: Italian Financial Institution UGF Banca SpA Rated 'BBB-/A-3'; Outlook Negative

Standard & Poors, August 2009

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Abstract
We are assigning our 'BBB-/A-3' counterparty credit ratings to Italian financial institution UGF Banca. The ratings reflect the bank's strategic importance within Italy-based insurer UGF. UGF Banca's high credit risk, poor profitability, and weak, although improving, enterprise risk management constrain the ratings. The negative outlook reflects uncertainty regarding the success of UGF Banca's financial turnaround in a difficult economic environment. On Aug. 4, 2009, Standard & Poor's Ratings Services assigned its 'BBB-' long-term and 'A-3' short-term counterparty credit ratings to Italian financial institution UGF Banca SpA. The outlook is negative. The ratings reflect UGF Banca's strategic importance within Italy-based insurer UGF Assicurazioni SpA (UGF; A-/Stable/--), and its strong integration within the UGF group's network. UGF Banca's high credit risk, poor...

Companies mentioned in this report are: UGF Banca SpA,UGF Assicurazioni SpA
Action: New Rating
Action: Outlook: Negative

UGF Banca SpA,UGF Assicurazioni SpA

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