Outlook on Italy-Based Mediobanca SpA Revised to Negative; Ratings Affirmed Nov 02
Standard & Poors, November 2002
Abstract
MILAN (Standard & Poor's) Nov. 14, 2002--Standard & Poor's Ratings Services said today that it revised its outlook on Italy-based bank Mediobanca SpA to negative from stable. The action reflects Mediobanca's higher risk appetite in its investment banking operations in recent months, during which the bank has been experiencing some reduction in its financial flexibility, linked to declining latent gains on its vast equity portfolio. At the same time, Standard & Poor's affirmed its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on the bank. The ratings affirmation reflects the bank's sound business and financial profiles. Mediobanca continues to benefit from a strong domestic franchise in the Italian market, where its core businesses include lending, investment banking, and direct equity...
Companies mentioned in this report are:
- Mediobanca SpA
Action: Outlook Revised
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.
- Mediobanca SpA
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