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Research Update: Intesa Sanpaolo And Core Subsidiaries Ratings Lowered To 'BBB+/A-2' On Italy Downgrade; Outlook Negative Feb 12

  • ID: 2054984
  • February 2012
  • Region: Italy
  • Standard & Poors

FEATURED COMPANIES

  • Banca Fideuram
  • Banca IMI SpA
  • BCI Funding Corp.
  • Intesa Funding LLC
  • Intesa Sanpaolo SpA
  • MORE

Abstract
On Jan. 13, 2012, Standard & Poor's lowered its unsolicited long- and short-term sovereign credit ratings on the Republic of Italy to 'BBB+/A-2' from 'A/A-1', assigned a negative outlook, and removed the ratings from CreditWatch negative. We have revised our Banking Industry Country Risk Assessment (BICRA) on Italy to group '4' from group '3', and our economic risk and industry risk scores on Italy to '4' from '3'. We are lowering our long- and short-term ratings on Intesa Sanpaolo SpA (Intesa) and its core subsidiaries Banca IMI SpA and Banca Infrastrutture Innovazione e Sviluppo SpA to 'BBB+/A-2' from 'A/A-1' and removing them from CreditWatch negative. The negative outlooks on our ratings on Intesa and its core subsidiaries reflect the possibility...

Companies mentioned in this report are:
- Intesa Sanpaolo SpA
- Sanpaolo IMI Bank (International) S.A.
- BCI Funding Corp.
- Banca Fideuram
- Intesa Sanpaolo Bank Ireland PLC
- Intesa Funding LLC
- Banca IMI SpA
- Banca Infrastrutture Innovazione e Sviluppo SpA (BIIS)
- Societe Europeenne de Banque S.A.

Action: Downgraded
Action: Outlook: Negative
Action: Removed From CreditWatch

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Note: Product cover images may vary from those shown

- Intesa Sanpaolo SpA
- Sanpaolo IMI Bank (International) S.A.
- BCI Funding Corp.
- Banca Fideuram
- Intesa Sanpaolo Bank Ireland PLC
- Intesa Funding LLC
- Banca IMI SpA
- Banca Infrastrutture Innovazione e Sviluppo SpA (BIIS)
- Societe Europeenne de Banque S.A.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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