- Published: May 2012
- Region: United States
Banca di Credito Cooperativo dell'Alta Padovana Lowered To 'BBB-/A-3'; Put On Watch Negative Sep 08
- Published: September 2008
- Standard & Poors
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: On CreditWatch:Negative
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Banca Padovana Credito Cooperativo S.C.