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

Standard & Poors, February 2012

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
- Sanpaolo IMI Capital Trust I
- IntesaBci Preferred Capital Co. LLC III Delaware
- 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

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.

- Intesa Sanpaolo SpA
- Sanpaolo IMI Bank (International) S.A.
- BCI Funding Corp.
- Banca Fideuram
- Sanpaolo IMI Capital Trust I
- IntesaBci Preferred Capital Co. LLC III Delaware
- Intesa Sanpaolo Bank Ireland PLC
- Intesa Funding LLC
- Banca IMI SpA
- Banca Infrastrutture Innovazione e Sviluppo SpA (BIIS)
- Societe Europeenne de Banque S.A.

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