Research Update: Italian Investment Bank Mediobanca Affirmed At 'AA-/A-1+' On Still-Resilient Financial Profile; Outlook Negative Oct 09

Standard & Poors, October 2009

Abstract
Italian investment bank Mediobanca's financial profile continues to show resilience despite the negative impact of financial market disruption. We believe Mediobanca is committed to strengthening capitalization by 2011. We are affirming our 'AA-/A-1+' long- and short-term ratings on Mediobanca. The negative outlook reflects the possibility that we could lower the ratings if Mediobanca's capitalization weakens or profitability does not rebound in the coming year. On Oct. 1, 2009, Standard & Poor's Ratings Services affirmed its 'AA-/A-1+' long and short-term counterparty credit ratings on Italy-based investment bank Mediobanca SpA. The outlook is negative. The affirmation reflects our perception of Mediobanca's resilient financial profile against the capital market disruption over the past year. Capitalization has remained strong, and we view positively the...

Companies mentioned in this report are:
- Mediobanca SpA
- Mediobanca International (Luxembourg) S.A.

Action: Affirmed
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.

- Mediobanca SpA
- Mediobanca International (Luxembourg) S.A.

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