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Viewing report
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Banca Nazionale del Lavoro SpA Jul 10
Standard & Poors, July 2010
Abstract
Core status within the BNP Paribas group. Good domestic franchise. Better than peers' loan loss coverage. Sensitivity to a deterioration in the ratings on the Republic of Italy. High loan concentration in the Italian corporate sector. Modest fee income generation that is below the average for peers. The ratings on Italy-based Banca Nazionale del Lavoro SpA (BNL) primarily reflect the bank's full ownership by French banking group BNP Paribas (AA/Negative/A-1+), for which it acts as a cornerstone of activities in the strategically key Italian market. As Standard & Poor's Ratings Services deems BNL to be a core entity within the group, the long-term rating on BNL includes a three-notch uplift for potential parental support. High corporate credit risk in Italy...
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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