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Banca del Gottardo 'BBB+/A-2' Ratings on Watch Positive After UniCredito Offer Jan 04
Standard & Poors, Jan 2004
Abstract
MILAN (Standard & Poor's) Jan. 21, 2004--Standard & Poor's Ratings Services said today that it had placed its 'BBB+' long-term and 'A-2' short-term counterparty credit ratings on Banca del Gottardo (Gottardo) on CreditWatch with positive implications, reflecting today's announcement that the bank's parent, Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt AG (A-/Negative/--), has entered into negotiations to sell the bank to a consortium including UniCredito Italiano SpA (UCI). At the same time, Standard & Poor's affirmed its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on UCI. The outlook on UCI is stable. 'The CreditWatch placement reflects the fact that Gottardo is expected to benefit from support from UCI and to become a strategically important subsidiary of the group. This could result...
Companies mentioned in this report are: Banca del Gottardo,UniCredit SpA,Swiss Life AG
Action: On CreditWatch:Positive
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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