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Banca Fideuram Jan 12
Standard & Poors, Jan 2012
Abstract
Sound capital and earnings. Superior domestic franchise in asset management. Good liquidity profile. Sensitivity of the revenue base to financial market volatility. Operational risk inherent in the tied financial adviser distribution network. Sensitivity of the business franchise to the investment performance track record. Standard & Poor's Ratings Services placed the long-term ratings on Italy-based Banca Fideuram on CreditWatch Negative on Dec. 7, 2011, following the CreditWatch negative placement on the Republic of Italy (A/Watch Neg/A-1). We expect to resolve the CreditWatch placement on Banca Fideuram (Fideuram) within four weeks of any resolution of the CreditWatch on Italy. There are two main links between bank and sovereign ratings. The first relates to the application of government support, and the second to...
Companies mentioned in this report are: Banca Fideuram,Intesa Sanpaolo SpA,Central-European International Bank Ltd. (Unsolicited Ratings),Sanpaolo IMI Capital Trust I,Banca IMI SpA,Banca Infrastrutture Innovazione e Sviluppo SpA (BIIS)
Action: Review
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: Full Analysis
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