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Banca Nazionale del Lavoro SpA Jul 08
Standard & Poors, July 2008
Abstract
Full ownership by BNP Paribas Strategic importance within the BNP Paribas group Good domestic franchise Enhanced credit provisioning and capital Lower asset quality than for international peers Modest, albeit improved, revenue generation that is below the average for peers The ratings on Italy-based Banca Nazionale del Lavoro SpA primarily reflect its full ownership by French banking group BNP Paribas (AA+/Stable/A-1+), for which the bank acts as a cornerstone of activities in Italy's strategically key markets. Because Standard & Poor's Ratings Services deems BNL to be a strategically important entity within the group, the long-term rating includes a three-notch uplift for potential parental support. The ratings are also supported by BNL's good domestic franchise, along with its enhanced credit provisioning and...
Companies mentioned in this report are: Banca Nazionale del Lavoro SpA,BancWest Corp.,BNP Paribas,BNP Paribas Canada,First Hawaiian Bank,Bank of the West,BNP Paribas Personal Finance,Cardif Assurance Vie,Pinnacle Insurance PLC,First Hawaiian Capital I,BNP U.S. Funding Ltd. Liability Co.,BancWest Capital I,Findomestic Banca SpA,BNP Paribas Personal Finance EAD,BNP Paribas Cardif,Cardif-Assurances Risques Divers
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
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