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Research Update: Italy-Based Banca Nazionale del Lavoro Downgraded To 'BBB+/A-2' After Sovereign Downgrade; Outlook Negative Feb 12
Standard & Poors, February 2012
On Jan. 13, 2012, Standard & Poor's lowered its unsolicited long- and short-term rating 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 are therefore lowering our long- and short-term counterparty credit ratings on Italy-based Banca Nazionale del Lavoro (BNL) to 'BBB+/A-2' from 'A/A-1' and removing them from CreditWatch negative. The negative outlook on our rating on BNL reflects the possibility that we could lower the rating on the bank if we further lower our ratings on Italy. On Feb. 10, 2012, Standard & Poor's Ratings Services lowered its long- and short-term counterparty credit ratings on Italian bank Banca Nazionale del Lavoro SpA (BNL) to 'BBB+/A-2' from 'A/A-1'....
Companies mentioned in this report are: Banca Nazionale del Lavoro SpA
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.
Banca Nazionale del Lavoro SpA