MOODY'S REVIEWS FOR POSSIBLE UPGRADE LONG AND SHORT TERM RATINGS OF BANCO DI NAPOLI
Moody's Investors Service placed on review for possible upgrade the long and short-term deposit and debt ratings of Banco di Napoli and its subsidiaries (Ba1/Not Prime). The Ba3 subordinated debt ratings of the bank and its subsidiary, Banco di Napoli International SA, were also placed on
review for possible upgrade. The bank's E financial strength rating is not under review and is confirmed. These rating actions follow the recent publication of the revised Decree Law dealing
with Banco di Napoli, and shareholder approval of a Lit2,283 billion (approximately $1.5 billion) capital increase by the Italian Treasury.
Moody's said that review would consider the timing of the capital increase and the extent to which it is matched by private sector capital. The review will also take account of plans to
transfer the bank's problem loans to a special-purpose subsidiary, and to accelerate the privatization of the bank, now scheduled by the end of 1996.
The following ratings were placed on review for possible upgrade:
Banco di Napoli S.p.A. -- the Ba1 long-term deposit and debt ratings; the Not-Prime short term deposit rating.
Banco di Napoli International S.A. -- the Ba3 subordinated debt rating.
Banco di Napoli (Hong Kong) -- the Ba3 subordinated debt rating.
Banco di Napoli S.p.A. (London) -- the Ba1 senior debt rating; the Ba3 subordinated debt rating.
BdN Commercial Paper USA, Inc. -- the Not-Prime short-term rating of the company for commercial paper, guaranteed by Banco di Napoli S.p.A.The following rating was confirmed:
Banco di Napoli S.p.A. -- the E financial strength rating.
Banco di Napoli S.p.A., headquartered in Naples, had unconsolidated total assets at December 31, 1995 of Lit84 trillion
(approximately US$53 billion).
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