Summary: Findomestic Banca SpA Jun 09

Standard & Poors, June 2009

Abstract
The ratings on Italy-based Findomestic Banca SpA are supported by its leading business position in the Italian consumer finance market, strategic importance to BNP Paribas Personal Finance (AA/Negative/A-1+) and strong support from 50-50 shareholders Paribas Personal Finance and Intesa Sanpaolo SpA (AA-/Negative/A-1+), good capitalization, and adequate credit risk management. 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 Paribas Personal Finance and strong potential capital and liquidity support from both shareholders. A major European consumer finance player, BNP Paribas Personal Finance is a core subsidiary of French bank BNP Paribas...

Companies mentioned in this report are:
- Findomestic Banca SpA
- BNP Paribas
- BNP Paribas Personal Finance
- Intesa Sanpaolo SpA

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Findomestic Banca SpA
- BNP Paribas
- BNP Paribas Personal Finance
- Intesa Sanpaolo SpA

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