Research Update: Banca di Credito Cooperativo dell'Alta Padovana Lowered To 'BBB-/A-3'; Put On Watch Negative Sep 08

Standard & Poors, September 2008

Abstract
On Sept. 24, 2008, Standard & Poor's Ratings Services 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. We now give the long-term rating two notches of uplift, versus one notch previously, above the bank's stand-alone creditworthiness, reflecting...

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Banca Padovana Credito Cooperativo S.C.

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