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Banca Nazionale del Lavoro SpA Upgraded To 'AA-/A-1+'; Off Watch Positive; Outlook Positive May 06
Standard & Poors, May 2006
Abstract
MILAN (Standard & Poor's) May 17, 2006--Standard & Poor's Ratings Services said today that it raised its long- and short-term counterparty credit ratings on Italian bank Banca Nazionale del Lavoro SpA (BNL) to 'AA-/A-1+' from 'A/A-1'. The outlook is positive. At the same time, the ratings were removed from CreditWatch, where they were originally placed with positive implications on Feb. 6, 2006. 'The upgrade reflects potential support from BNL's new majority shareholder, French bank BNP Paribas, following successful completion of its public offering for BNL shares,' said Standard & Poor's credit analyst Renato Panichi. 'We deem BNL to be a strategically important entity within the French banking group, and therefore the long-term rating factors in support of three notches.' Now...
Companies mentioned in this report are: Banca Nazionale del Lavoro SpA (former),BNP Paribas
Action: Removed From CreditWatch
Action: Upgraded
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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