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Banca di Credito Cooperativo dell'Alta Padovana SCaRL L-T Rating Cut To 'BBB'; Outlook Stable Feb 07
Standard & Poors, Feb 2007
Abstract
MILAN (Standard & Poor's) Feb. 20, 2007--Standard & Poor's Ratings Services said today that it lowered its long-term counterparty credit rating on Italian cooperative bank Banca di Credito Cooperativo dell'Alta Padovana SCaRL to 'BBB' from 'BBB+'. At the same time, the 'A-2' short-term counterparty credit rating was affirmed. The outlook is stable. 'The downgrade reflects the ongoing change of Alta Padovana's credit risk profile--in light of its persistently high concentration in the construction sector--as a consequence of its less-conservative-than-peers' attitude toward credit risks,' said Standard & Poor's credit analyst Francesca Sacchi. 'This has translated into an increase in the stock of nonperforming assets in the past few years.' In addition, the downgrade takes into account the potential operational and credit...
Companies mentioned in this report are: Banca Padovana Credito Cooperativo S.C.
Action: Affirmed
Action: Downgraded
Action: Outlook: Stable
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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