On March 26, 2009, Standard & Poor's Ratings Services lowered its long-term and short-term counterparty credit ratings on Italian bank Banco Popolare Società 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 Aletti & C. SpA
Action: Outlook: Negative
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