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Banca del Gottardo Ratings Cut to 'BBB+' Due to Parent's Tighter Strategic Focus; Outlook Dev Jul 02
Standard & Poors, July 2002
Abstract
LONDON (Standard & Poor's) July 26, 2002--Standard & Poor's Ratings Services said today it lowered its long-term counterparty credit and certificate of deposit ratings on Switzerland-based Banca del Gottardo (Gottardo) to triple-'B'-plus from single-'A'-minus. At the same time, Standard & Poor's revised its outlook on Gottardo to developing from negative. In addition, the bank's 'A-2' short-term counterparty credit and certificate of deposit ratings were affirmed. Gottardo is a wholly owned subsidiary of Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt AG (A/Negative/--). 'The rating actions reflect the likely tightening of Swiss Life's strategic focus as the group's top priority is to concentrate on improving the profitability of its core life insurance business. As a result, continued financial support for Gottardo might no longer...
Companies mentioned in this report are: Banca del Gottardo,Swiss Life AG
Action: Downgraded
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.
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