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Research Update: Banca Monte dei Paschi di Siena Long-Term Rating Lowered To 'BBB' On Italy BICRA Change, S-T Affirmed; Outlook Negative Feb 12

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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-term rating on Italy-based Banca Monte dei Paschi di Siena SpA (MPS) to 'BBB'. At the same time, we are affirming the 'A-2' short-term ratings and removing all ratings from CreditWatch negative. We are also lowering the issue ratings on hybrid Tier 1 debt instruments to 'B' from...

Companies mentioned in this report are: Banca Monte dei Paschi di Siena SpA,MPS Capital Trust I,MPS Preferred Capital I LLC,Monte Paschi Ireland Ltd.
Action: Affirmed
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.

Companies Mentioned

Banca Monte dei Paschi di Siena SpA,MPS Capital Trust I,MPS Preferred Capital I LLC,Monte Paschi Ireland Ltd.

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Research Update: Banca Monte dei Paschi di Siena Long-Term Rating Lowered To 'BBB' On Italy BICRA Change, S-T Affirmed; Outlook Negative Feb 12

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+353-1-481-1716 or +353-1-653-1571 (from Rest of World)

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+353-1-481-1716 or +353-1-653-1571 (from Rest of World)