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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
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FEATURED COMPANIES

  • 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.
- Fideuram - Intesa Sanpaolo Private Banking SpA
- Intesa Sanpaolo Bank Ireland PLC
- Intesa Funding LLC
- Banca IMI SpA
- Banca Infrastrutture Innovazione e Sviluppo SpA (BIIS)
- Intesa Sanpaolo Bank Luxembourg S.A.

Action: Downgraded
Action: Outlook: Negative
Action: READ MORE >

Note: Product cover images may vary from those shown
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- Intesa Sanpaolo SpA
- Sanpaolo IMI Bank (International) S.A.
- BCI Funding Corp.
- Fideuram - Intesa Sanpaolo Private Banking SpA
- Intesa Sanpaolo Bank Ireland PLC
- Intesa Funding LLC
- Banca IMI SpA
- Banca Infrastrutture Innovazione e Sviluppo SpA (BIIS)
- Intesa Sanpaolo Bank Luxembourg S.A.

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

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