Summary: Mediobanca SpA Mar 12

Standard & Poors, March 2012

Abstract
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

Action: Review

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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.

- Mediobanca SpA

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