Banca di Credito Cooperativo dell'Alta Padovana Cut To 'BB/B'; Weakening Financials; Watch Neg Dec 08
- ID: 2044115
- December 2008
- Standard & Poors
MILAN (Standard & Poor's) Dec. 18, 2008--Standard & Poor's Ratings Services said today that it has lowered its long- and short-term counterparty credit ratings on Banca di Credito Cooperativo dell'Alta Padovana SCaRL to 'BB/B' from 'BBB-/A-3' and placed the ratings on CreditWatch with negative implications, primarily because of the bank's rapidly weakening financial profile. The long-term rating benefits from two notches of uplift above the bank's stand-alone creditworthiness, reflecting potential for extraordinary liquidity and capital support from the BCC system through its operating arm Iccrea Banca SpA (A/Stable/A-1). "The downgrade reflects the consistently rapid deterioration of Alta Padovana's loan portfolio and the potential for further deterioration of its credit risk profile, given high concentration on loans to construction and local...
Companies mentioned in this report are: Banca Padovana Credito Cooperativo S.C.
Action: On CreditWatch:Negative
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