Findomestic Banca SpA Apr 10

Standard & Poors, April 2010

Abstract
Strategic importance for and support from shareholder BNP Paribas Personal Finance. Good position in the Italian consumer finance market. Improved capitalization. Business concentration on the high credit risk Italian consumer finance market. Increasing cost of credit risk. Lowering profitability. The ratings on Italy-based Findomestic Banca SpA are supported by its strategic importance to and strong support from shareholder BNP Paribas Personal Finance (BNP PPF; AA/Negative/A-1+), good business position in the Italian consumer finance market, and improved capitalization. Constraining the ratings are Findomestic's concentration on a single business line--characterized by high credit risk--and the bank's declining profitability and increasing cost of credit. The long-term rating on Findomestic incorporates a three-notch uplift, reflecting its strategic importance to BNP PPF and strong potential...

Action: Review

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

- Findomestic Banca SpA
- BancWest Corp.
- BNP Paribas
- BNP Paribas Canada
- BNP Paribas Fortis SA/NV
- First Hawaiian Bank
- Bank of the West
- BNP Paribas Personal Finance
- BGL BNP Paribas S.A.
- Cardif Assurance Vie
- Pinnacle Insurance PLC
- First Hawaiian Capital I
- BNP Paribas Capital Trust
- BNP Paribas Fortis Funding
- BNP Paribas U.S. Medium-Term Note Program LLC
- BNP Paribas Capital Trust VI
- Banca Nazionale del Lavoro SpA
- BNP Paribas Cardif
- Cardif-Assurances Risques Divers
- BNP Paribas (China) Ltd.
- BNP Paribas Public Sector SCF
- BNP Paribas ZAO

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