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Banca Padovana Credito Cooperativo 'BB/B' Ratings Affirmed; Outlook Negative; Withdrawn At Issuer's Request Sep 09
Standard & Poors, Sep 2009
Abstract
MILAN (Standard & Poor's) Sept. 24, 2009--Standard & Poor's Ratings Services said today that it has affirmed its 'BB/B' long- and short-term counterparty credit ratings on Italy-based cooperative bank Banca Padovana Credito Cooperativo S.C. The outlook on the ratings is negative. We then withdrew the ratings at the bank's request. The ratings on Banca Padovana reflected the bank's long-standing local franchise in Italy's economically dynamic Veneto region and larger capital base than for other Italian cooperative banks that we rate. The long-term rating benefited from two notches of uplift above Banca Padovana's stand-alone credit profile, reflecting our view of the bank's membership in the Banche di Credito Cooperativo (BCC) network and our belief that the network would provide extraordinary liquidity...
Companies mentioned in this report are: Banca Padovana Credito Cooperativo S.C.
Action: Affirmed
Action: Outlook: Negative
Action: Withdrawn
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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