Research Update: Italy's Banco Popolare Affirmed At 'A-/A-2'; Outlook Neg; Hybrids Upgraded To 'BB' On Better Profitability Prospects May 11
- Language: English
- Published: May 2011
- Region: Italy
On March 26, 2009, Standard & Poor's Ratings Services lowered its long-term and short-term counterparty credit ratings on Italian bank Banco Popolare Societ- Cooperativa SCRL (BP) and core subsidiaries Banca Aletti & C. SpA and Credito Bergamasco to 'A-/A-2' from 'A/A-1'. The outlook is negative. We also lowered our ratings to 'BBB-' from 'BBB+' on BP's perpetual Tier 1 subordinated notes. We removed the ratings from CreditWatch where they were placed with negative implications on Feb. 20, 2009. The downgrade reflects our expectation that BP's financial profile will significantly weaken as it assumes a large part of the riskier assets of Italian leasing company Banca Italease SpA and as a result of deteriorated economic conditions in Italy that we believe...
Companies mentioned in this report are: Banco Popolare Societa Cooperativa SCRL,Credito Bergamasco,Banca Italease SpA,Banca Aletti & C. SpA
Action: Outlook: Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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Banco Popolare Societa Cooperativa SCRL,Credito Bergamasco,Banca Italease SpA,Banca Aletti & C. SpA