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Banca Nazionale del Lavoro SpA Aug 06
Standard & Poors, Aug 2006
Abstract
Support through membership in BNP Paribas group Clear and consistently executed strategy focused on risk reduction and stronger domestic market position Sound domestic corporate banking franchise Adequate operating efficiency Modest retail-banking franchise Vulnerability to weak Italian economy from still-large corporate exposures Modest but improved capital base The ratings on Italian bank Banca Nazionale del Lavoro SpA (BNL) primarily reflect majority ownership by French bank BNP Paribas (AA/Stable/A-1+). Because Standard & Poor's Ratings Services deems BNL to be a strategically important entity within the French banking group, the long-term rating includes a three-notch uplift for potential parent support. The stand-alone ratings on BNL factor in an adequate domestic franchise and financial profile with enhanced bottom line profitability and asset quality. These...
Companies mentioned in this report are: Banca Nazionale del Lavoro SpA (former),BNP Paribas,Banca Nazionale del Lavoro International S.A.
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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