Italy-Based Banks 'AA-' L-T Ratings Remain Unchanged Despite Republic of Italy Downgrade Oct 06

Standard & Poors, October 2006

Abstract
MILAN (Standard & Poor's) Oct. 19, 2006--Standard & Poor's Ratings Services said today that its ratings on Italy-based banks with a 'AA-' long-term counterparty credit rating remain unchanged despite its one-notch downgrade today of the Republic of Italy to A+/Stable/A-1+. These banks are therefore now rated higher than the sovereign. The only Italy-based bank downgraded as a result of the sovereign action was Istituto per il Credito Sportivo (A/Stable/A-1), a public-policy-based bank specializing in the financing of Italian sports facilities, where the long-term rating continues to be one notch below that on Italy. This scenario was laid out in our Sept. 25, 2006, article, "Credit FAQ: Potential For Rating Banks Higher Than The Sovereign In EMU Member States." The Italian...

Companies mentioned in this report are:
- Banca Nazionale del Lavoro SpA (former)
- Sanpaolo IMI SpA
- Dexia Crediop SpA
- Mediobanca SpA
- Banca Fideuram
- Cassa di Risparmio in Bologna SpA
- Banca IMI SpA (former)
- Banca OPI SpA
- Istituto per il Credito Sportivo

Action: General Comment

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.

- Banca Nazionale del Lavoro SpA (former)
- Sanpaolo IMI SpA
- Dexia Crediop SpA
- Mediobanca SpA
- Banca Fideuram
- Cassa di Risparmio in Bologna SpA
- Banca IMI SpA (former)
- Banca OPI SpA
- Istituto per il Credito Sportivo

Customers who bought this item also bought

• Aerospace & Defense in Italy
• Defense Spending in Italy
• Aerospace & Defense in Italy
• Revenue Opportunities and Stakeholder Mapping - Italy: Air Platforms Market
• Defense Expenditure in Italy to 2017: Market Review
• Counter IED Market in the Italy to 2022: Market Brief
• Military Satellites Market in the Italy to 2022: Market Brief
• Italian Civil Security Market – Revenue Opportunities and Stakeholder Mapping
• Language Translation Services (Italy)
• Language Translation Services (Italy)