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Rating Action:

Moody's assigns A2/P-1/C- ratings to Credito Emiliano (Italy)

13 Oct 2010

First-time ratings

Milan, October 13, 2010 -- Moody's Investors Services has today assigned an A2 long-term deposit rating, Prime-1 short-term deposit rating and C- bank financial strength rating (BFSR), which translates into a baseline credit assessment (BCA) of Baa1, to Credito Emiliano Spa (Credem). The outlook on all the ratings is stable.

RATINGS RATIONALE

Moody's said that the C- BFSR reflects Credem's overall sound financial metrics and its resilience to the its scenario analysis. These factors more than compensate for the bank's modest efficiency and profitability indicators and below-average financial disclosure.

Credem is the eleventh largest bank in Italy measured by total assets, with a multi-regional presence in the country. It is listed on the stock exchange; the Maramotti family (also owners of the Max Mara fashion company) is the reference shareholder, through an indirect stake of 27%. Credem is a commercial bank mainly operating in the retail and SME sectors.

According to Moody's, the key factors underpinning Credem's ratings are its (i) capital adequacy (Tier 1 of 8.5% in June 2010) which is sound relative to good asset quality and low borrower concentration; and (ii) conservative risk management and risk- and control- culture, also given the adoption of Basel II. Moody's noted that the main challenge facing the bank is strengthening its weak efficiency (74% cost-to-income ratio in 2009) and profitability (net profitability of 0.4% of risk-weighted assets in 2009); a significant improvement is likely only from 2012 onwards given the fragile economic recovery in Italy.

Moody's would consider an upgrade the BFSR following an improvement in (i) profitability (net income above 1% or risk-weighted assets), (ii) efficiency (cost income ratio below 65%) and (iii) transparency of information, such as a more detailed business plan. This could lead to an upgrade of the long term deposit rating.

However, the BFSR could become more weakly positioned in the C- category following worse-than-expected deterioration of (i) asset quality (problem loans above 6.5% of loans), (ii) borrower concentration (top 20 exposures above 750% of pre-provision income) or (iii) capital adequacy (Tier 1 below 7%). It would however require a downgrade to D+ to determine a deposit rating downgrade, which is currently unlikely.

The key factual elements of the rating rationale underlying the rating are the bank's Tier 1, problem loans and net income as stated in its audited financial statements as at June 2010 and December 2009.

Credem's A2 long-term deposit rating incorporates a two-notch uplift from its BCA based on a high probability of systemic support in case of need.

The principal methodologies used in rating Credito Emiliano were Bank Financial Strength Ratings: Global Methodology published in February 2007, Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007 and Moody's Guidelines for Rating Insurance Hybrid Securities and Subordinated Debt published in January 2010. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating.

The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the Credit Rating Action. Please see the ratings disclosure page www.moodys.com/disclosures on our website for further information.

MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Milan
Carlo Gori
Vice President - Senior Analyst
Financial Institutions Group
Moody's Italia S.r.l
Telephone:+39-02-9148-1100

London
Johannes Wassenberg
MD - Banking
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy

Moody's assigns A2/P-1/C- ratings to Credito Emiliano (Italy)
No Related Data.
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