Summary: Mediobanca SpA Mar 12
- ID: 2091889
- March 2012
- Standard & Poors
Strong domestic franchise sustained by successful organic growth. Adequate capitalization. Satisfactory asset quality ratios. Funding sources more concentrated than peers'. Large equity portfolio that exposes the bank to stock market fluctuations. High asset concentration in Italy. The negative outlook reflects the possibility that Standard & Poor's Ratings Services could lower the ratings on Italy-based Mediobanca SpA if we lower our ratings on the Republic of Italy or we see further weakening in the domestic economy and the banking industry. We would also consider lowering the ratings if we considered that our forecast risk-adjusted capital (RAC) ratio for the bank and funding access were likely to weaken substantially. Under our base-line scenario, we anticipate that Mediobanca's RAC before diversification adjustments should...
Companies mentioned in this report are:
- Mediobanca SpA
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included. SHOW LESS READ MORE >