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Banking Industry Country Risk Assessment: Italy Jun 09
Standard & Poors, June 2009
Abstract
Widely diversified and large economy, part of the EMU. High banking intermediation. Strong local franchises. Relatively resilient liquidity profiles based on good customer loyalty. Persistently lower economic performance than the EU average. Higher credit risk than the European average. High sensitivity of interest margins to interest rate changes and levels. Lower ability of the state to support the banking system than for other major Western European governments. In a global context, Standard & Poor's Rating Services considers the banking industry of the Republic of Italy (A+/Stable/A-1+) to be low risk. For that reason, we place Italy in Bank Industry Country Risk Assessment (BICRA) Group 2 (out of 10, 1 being the strongest). Countries whose banking systems are in the same...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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