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Banca del Gottardo Ratings Off Watch; Outlook Back to Dev After UniCredito Talks Abandoned Feb 04
Standard & Poors, Feb 2004
Abstract
LONDON (Standard & Poor's) Feb. 18, 2004--Standard & Poor's Ratings Services said today it removed from CreditWatch its 'BBB+/A-2' long- and short-term counterparty credit ratings on Switzerland-based Banca del Gottardo (Gottardo), where they were placed on Jan. 21, 2004. At the same time, the ratings on Gottardo were affirmed. The outlook is developing. The rating action reflects yesterday's announcement of the breakdown of negotiations that could have resulted in the sale of Gottardo by the bank's parent, Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt AG (A-/Negative/--), to a consortium including UniCredito Italiano SpA (AA-/Stable/A-1+). 'The announcement of the breakdown in talks has effectively resulted in a reversal of the Standard & Poor's rating action of Jan. 21, 2004,' said Standard & Poor's...
Companies mentioned in this report are: Banca del Gottardo,UniCredit SpA,Swiss Life AG
Action: Affirmed
Action: Outlook: Developing
Action: Removed From CreditWatch
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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