Mainly Negative Rating Actions Taken On 37 Italian Financial Institutions On Sovereign Downgrade And BICRA Change Feb 12
- Language: English
- Published: February 2012
- Region: Italy
Italian banks are slowly climbing out from one of the deepest recessions in the past half century, when GDP declined a cumulative 6% in 2008-2009. However, they are proceeding over difficult and new terrain, featuring persistently slow domestic economic growth, much higher prices for wholesale funding because of sovereign credit worries in the eurozone, and stricter capital rules in the run-up to Basel III. (Listen to the related podcast titled, "Why Italian Banks Face A Tricky Recovery," dated April 18, 2011.) Capital has not been a major factor supporting the ratings on most banks in Italy, and has been a weakness for a few midsize and large banks. We estimate that our risk-adjusted capital (RAC) ratio for the Italian banks...
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