Research Update: Seven Downgrades And Eight Outlook Revisions To Negative On Italian Banks After Sovereign Downgrade Sep 11

  • ID: 1924708
  • September 2011
  • Region: Italy
  • Standard & Poors
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  • HVB Capital LLC I
  • HVB Capital LLC III
  • HVB Funding Trust II
  • Intesa Sanpaolo SpA
  • UniCredit Bank AG
  • Unicredit Delaware Inc.
  • MORE

On Sept. 19, 2011, Standard & Poor's lowered its unsolicited long- and short-term sovereign credit ratings on the Republic of Italy to 'A/A-1' from 'A+/A-1+' and maintained the negative outlook. In accordance with our criteria applicable to the relationship between the ratings on financial institutions and their related sovereign in the European Economic & Monetary Union (EMU), and on government-related entities, we are lowering our long-term ratings on seven Italian banks and assigning negative outlooks to the long-term ratings on these banks. We are also revising our outlooks to negative from stable on eight other Italian banks (see Ratings List below). The negative outlooks on the long-term ratings on the 15 banks reflect the possibility we could lower their ratings,...

Action: Affirmed
Action: Downgraded
Action: Outlook: Negative

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.

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- UniCredit SpA
- Unicredit Delaware Inc.
- UniCredit Bank Austria AG
- Intesa Sanpaolo SpA
- UniCredit Bank AG
- Mediobanca SpA
- HVB Capital LLC I
- HVB Funding Trust II
- HVB Funding Trust I
- HVB Funding Trust III
- HVB Capital LLC III
- HVB Capital LLC II
- UniCredit Leasing SpA
- UniCredit Luxembourg S.A.
- UniCredit Bank Ireland PLC
- BA-CA Finance (Cayman) Ltd.
- Unicredit International Bank (Luxembourg) S.A.
- BA-CA Finance (Cayman) (2) Ltd.
- UniCredit Luxembourg Finance S.A.
- UniCredito Italiano Capital Trust III
- UniCredito Italiano Capital Trust IV

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