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BULLETIN: Swiss Life's 2002 Results Indicate SFr160 Million Loss for Banca del Gottardo Mar 03
Standard & Poors, March 2003
Abstract
Standard & Poor's Rating Services said today that its ratings on Switzerland-based Banca del Gottardo (Gottardo; 'BBB+/Developing/A-2'), a wholly owned subsidiary of Swiss Life/ Schweizerische Lebensversicherungs- und Rentenanstalt AG, remain unchanged following an announcement by the Swiss Life group of its anticipated 2002 results. Gottardo is expected to report a loss of SFr160 million for 2002, due to extraordinary adjustments and provisions of SFr200 million. Gottardo's ratings were lowered on July 26, 2002, and no longer factor in implied parental support. If the bank were sold, its rating could be dependent on those of the acquiring group and its prospective strategic importance to that group. Standard & Poor's will continue to monitor Gottardo's strategic response to its deteriorating results of...
Companies mentioned in this report are: Banca del Gottardo,Swiss Life AG
Action: S&P Event
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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