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Banca del Gottardo 'BBB+/A-2' Ratings on Watch Positive After UniCredito Offer Jan 04 Product Image

Banca del Gottardo 'BBB+/A-2' Ratings on Watch Positive After UniCredito Offer Jan 04

  • Published: January 2004
  • Standard & Poors

FEATURED COMPANIES

  • Banca del Gottardo
  • Swiss Life AG
  • UniCredit SpA
  • MORE

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 READ MORE >

- Banca del Gottardo
- UniCredit SpA
- Swiss Life AG

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