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04 Dec 1995
MOODYS LOWERS BANCO DI NAPOLI'S DEPOSIT RATINGS TO Ba1/NOT PRIME AND PLACES LONG-TERM RATINGS ON REVIEW FOR POSSIBLE DOWNGRADE
London, 12-04-95 -- Moody's Investors Service lowered Banco di Napoli's deposit ratings to Ba1/Not Prime from Baa2/Prime-3. The long-term subordinated debt rating of the bank and its subsidiary, Banco di Napoli International SA, was lowered to Ba3 from Baa3. Moody's said that the new long-term ratings were placed on review for possible downgrade. Banco di Napoli's financial strength rating was downgraded to E on October 26, 1995, when the debt and deposit rating review was initiated. According to Moody's, the ratings downgrade reflects the fact that Banco di Napoli's recently announced restructuring plan and the Lit 2.5 trillion 18-month loan provided by Cassa Depositi e Prestiti and 11 large Italian banks, while in themselves a positive development, were not accompanied by any concrete steps of the Italian public authorities to strengthen the banking group's severely depleted solvency. In this respect, Moody's said that Banco di Napoli's debt and deposit ratings remain underpinned mostly by the expected degree of public-sector support for this ailing banking group. At this time, however, such support, especially in relation to Banco di Napoli's recapitalization needs, appears less concrete, added the rating agency, mentioning also the possibility that the bank may look in the future at the private sector to raise fresh capital. In this context, the rating review will assess the degree to which such developments are likely to further affect Banco di Napoli's creditworthiness.
Regarding the bank's announced restructuring plan, Moody's said that it views it as a potentially positive step, to the extent that it emphasises restoring profitability rather than pursuing market share-driven growth. If successful, such a plan -- which would include the sale of various investments and other assets not related to Banco di Napoli's core domestic franchise, as well as discontinuing nonprofitable activities and branches -- could in time lead to a smaller and more economically-viable bank, one better suited to compete in the Italian banking market as a whole.
The following ratings were lowered and simultaneously placed on review for downgrade:
Banco di Napoli S.p.A. -- the ratings of the bank for long-term senior deposits to Ba1 from Baa2.
Banco di Napoli International S.A. -- the subordinated debt rating, to Ba3 from Baa3.
Banco di Napoli (Hong Kong) -- the subordinated debt rating, to Ba3 from Baa3.
Banco di Napoli S.p.A. (London) -- the senior debt rating to Ba1 from Baa2; the subordinated debt rating, to Ba3 from Baa3.
The following ratings were lowered:
Banco di Napoli S.p.A. -- the short-term ratings of the bank for deposits and letters of credit to Not-Prime from Prime-3.
BdN Commercial Paper USA, Inc. -- the short-term rating of the company for commercial paper, guaranteed by Banco di Napoli S.p.A., to Not-Prime from Prime-3.
Banco di Napoli S.p.A., headquartered in Naples, is the eighth largest Italian banking group, with total assets at December 31, 1994 of Lit 121 trillion (approximately US$ 75 billion).
No Related Data.
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