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Research Update: Outlook On Four Italian Banks Revised To Negative Following A Similar Rating Action On The Sovereign May 11 Product Image

Research Update: Outlook On Four Italian Banks Revised To Negative Following A Similar Rating Action On The Sovereign May 11

  • ID: 1872229
  • May 2011
  • Region: Italy
  • Standard & Poors

FEATURED COMPANIES

  • Banca IMI SpA
  • Findomestic Banca SpA
  • Intesa Sanpaolo SpA
  • Mediobanca SpA
  • MORE

Abstract
Following our revision to negative of our outlook on the Republic of Italy on May 20, 2011, reflecting Italy's persistently high debt ratio, we are revising to negative our outlooks on four Italian banks and three related core subsidiaries that we rate at the same level as the sovereign or above it. At the same time, we are affirming our ratings on the four banks: Mediobanca, Banca Nazionale del Lavoro, Findomestic, and Intesa Sanpaolo. The negative outlook on these banks reflects the fact that we would lower their ratings in the case of a sovereign downgrade, given their predominantly domestic business profiles. Our outlooks on financial institutions Cariparma and Istituto per il Credito Sportivo remain stable. On May 24, 2011,...

Companies mentioned in this report are:
- Mediobanca SpA
- Intesa Sanpaolo SpA
- Cassa di Risparmio in Bologna SpA
- Findomestic Banca SpA
- Istituto per il Credito Sportivo
- Banca Nazionale del Lavoro SpA
- Banca IMI SpA
- Banca Infrastrutture Innovazione e Sviluppo SpA (BIIS)
- Cassa di Risparmio di Parma e Piacenza SpA

Action: Affirmed
Action: Outlook: Negative
Action: Outlook: Stable

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- Mediobanca SpA
- Intesa Sanpaolo SpA
- Cassa di Risparmio in Bologna SpA
- Findomestic Banca SpA
- Istituto per il Credito Sportivo
- Banca Nazionale del Lavoro SpA
- Banca IMI SpA
- Banca Infrastrutture Innovazione e Sviluppo SpA (BIIS)
- Cassa di Risparmio di Parma e Piacenza SpA

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