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Banca Nazionale del Lavoro SpA Aug 07
Standard & Poors, Aug 2007
Abstract
Strong support through membership in BNP Paribas group, for which Italy is a key market Strong tangible benefits from BNP Paribas membership Sound domestic corporate banking franchise Adequate operating efficiency Modest but revitalizing retail-banking franchise Vulnerability to Italian economy from still-large corporate exposures The ratings on Italian bank Banca Nazionale del Lavoro SpA (BNL) primarily reflect majority ownership by French banking group BNP Paribas (AA+/Stable/A-1+). 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. We believe BNL benefits from membership in one of Europe's largest banking groups, for which Italy is a key market. BNP Paribas will likely be able to...
Companies mentioned in this report are: Banca Nazionale del Lavoro SpA (former),BNP Paribas
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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