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Banca di Credito Cooperativo dell'Alta Padovana Lowered To 'BBB-/A-3'; Put On Watch Negative Sep 08
Standard & Poors, Sep 2008
Abstract
PARIS (Standard & Poor's) Sept. 24, 2008--Standard & Poor's Ratings Services said today that it lowered its long- and short-term counterparty credit ratings on Italian cooperative bank Banca di Credito Cooperativo dell'Alta Padovana SCaRL to 'BBB-/A-3' from 'BBB/A-2'. At the same time, we placed the ratings on CreditWatch with negative implications. 'The downgrade reflects the weakening of Alta Padovana's risk profile in light of a fast deterioration of asset quality. In addition, the rating action takes into account concerns regarding the quality of risk management and internal controls, following the announcement that the former general manager was involved in a fraud regarding guarantees backing some loans,' said Standard & Poor's credit analyst Francesca Sacchi. We now give the long-term rating...
Companies mentioned in this report are: Banca Padovana Credito Cooperativo S.C.
Action: Downgraded
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 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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