Research Update: Italy-Based Agos-Ducato Long-Term Rating Lowered To 'BBB' On Italy BICRA Change; 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 to '4' from '3'. We are therefore lowering our long-term rating on Agos-Ducato SpA to 'BBB' from 'BBB+' and affirming our 'A-2' short-term rating. We are removing the ratings from CreditWatch negative. The negative outlook on our rating on Agos-Ducato reflects the possibility that we could lower the rating if we see further weakening in the domestic economy...

Companies mentioned in this report are: Agos-Ducato SpA
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.

Agos-Ducato SpA

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