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Banca Nazionale del Lavoro SpA 'A-/A-2' Ratings Stay On CreditWatch Positive On Takeover News Mar 06
Standard & Poors, March 2006
Abstract
MILAN (Standard & Poor's) March 22, 2006--Standard & Poor's Ratings Services said today that its 'A-' long-term and 'A-2' short-term counterparty credit ratings on Italian bank Banca Nazionale del Lavoro SpA (BNL) remain on CreditWatch with positive implications, following news that the Bank of Italy approved the takeover bid for BNL by French banking group BNP Paribas (AA/Stable/A-1+). The ratings on BNL were placed on CreditWatch on Feb. 6, 2006, after BNP Paribas entered into an agreement to acquire 48% of the Italian bank from 13 of its shareholders. Once the share purchase is completed, BNP Paribas plans to launch a public offer on all remaining BNL shares. 'If BNP obtains all necessary authorizations to finalize the acquisition of the...
Companies mentioned in this report are: Banca Nazionale del Lavoro SpA (former),BNP Paribas
Action: CreditWatch Update
Action: On CreditWatch:Positive
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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