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Italian BancaSai 'BB/B' Ratings On CreditWatch Negative Following Rating Action On Parent Fondiaria-SAI Nov 11 Product Image

Italian BancaSai 'BB/B' Ratings On CreditWatch Negative Following Rating Action On Parent Fondiaria-SAI Nov 11

  • Published: November 2011
  • Standard & Poors

Abstract
On Nov. 15, 2011, we lowered our ratings on Italian composite insurer Fondiaria-SAI to 'BB+' from 'BBB-' and placed them on CreditWatch negative. Italian bank BancaSai SpA is a subsidiary of Fondiaria-SAI, and under our group rating methodology we therefore cap our ratings on BancaSai, which also benefits from extraordinary parent support, at one notch below those on its parent. As a result, we are placing our 'BB/B' ratings on BancaSai on CreditWatch negative. The CreditWatch placement mirrors the negative CreditWatch on the parent, which reflects our view of Fondiaria-SAI's increasingly constrained capitalization, and that the current operating environment and the decline in financial markets may impair management's ability to implement actions to restore the group's solvency MILAN (Standard &...

Companies mentioned in this report are: BancaSai SpA,Fondiaria-SAI SpA
Action: On CreditWatch:Negative

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 READ MORE >

BancaSai SpA,Fondiaria-SAI SpA

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