UGF Banca SpA
Standard & Poors, November 2010
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: Full Analysis
Abstract
Strong financial support from Italy's UGF insurance group. Integration within the UGF group's network. High credit risk, exacerbated by significant concentration in the real estate sector. Abrupt asset quality deterioration. Poor profitability. The ratings on Italy-based UGF Banca SpA reflect Standard & Poor's Ratings Services' view of the strong financial support the bank receives from the Italian insurance group UGF SpA (the core operating entity of UGF Assicurazioni SpA; insurer financial strength rating A-/Negative) and the bank's integration within UGF SpA's network. The ratings are constrained by what we consider to be UGF Banca's high credit risk, deteriorating asset quality, poor profitability, and weak--although improving--enterprise risk management. Our long-term counterparty credit rating on UGF Banca incorporates two notches of uplift...
Companies mentioned in this report are: UGF Banca SpA,Unipol Gruppo Finanziario SpA,UGF Assicurazioni SpA
Action: Review
UGF Banca SpA,Unipol Gruppo Finanziario SpA,UGF Assicurazioni SpA
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