info

Yes No
Moodys.com
Terms of Use
REGULATORY
.
SUSTAINABILITY
.
DIVERSITY, EQUITY & INCLUSION
CAREERS
.
ABOUT US
.
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.                   

 

2.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities. Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision. No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.

 

4.             To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.     

 

5.             You agree to read and be bound by the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

​
I AGREE
Rating Action:

Moody's confirms UniCredito Italiano's Aa2/B- ratings; Stable outlook

02 Oct 2007

Upgrades Capitalia to Aa2 and will withdraw ratings; Capitalia's former subsidiaries' ratings also affected

London, 02 October 2007 -- Moody's Investors Service today carried out various rating actions following the completion of the merger between the UniCredito Italiano ("UniCredito") and Capitalia banking groups. Moody's confirmed the Aa2 long-term deposit and debt ratings, and the B- bank financial strength rating ("BFSR") of UniCredito. It also upgraded the long-term deposit and debt ratings and BFSR of Capitalia to Aa2/B- from A1/C-. Capitalia's ratings will be withdrawn.

As regards Capitalia's rated subsidiaries, Moody's upgraded the long-term deposit and debt ratings of Banca di Roma ("BdR") and Bipop Carire ("Bipop") to Aa3 from A1, confirmed the A1 long-term deposit and debt ratings of Banco di Sicilia ("BdS") and will withdraw them, while the A2 debt and deposit ratings of MCC remain on review for possible upgrade. The Aa3 long-term deposit rating of Locat, UniCredito's leasing subsidiary, whose ratings reflect support from its parent, was also confirmed. The deposit and debt ratings of numerous other subsidiaries of the UniCredito group in Germany, Austria and across Central and Eastern Europe benefit from the expectation of support from UniCredito, and these are unaffected by this rating action.

These rating actions conclude the reviews initiated in May 2007 -- for possible downgrade in the case of UniCredito and Locat and for possible upgrade in the case of Capitalia, BdR, BdS and Bipop -- following the announcement of the proposed integration between the two banking groups. The outlook on all the ratings of UniCredito and Locat is now stable. The outlook on the long-term debt and deposit ratings and BFSRs of BdR, BdS and Bipop was changed to positive from stable.

Moody's said that its decision to confirm the ratings of UniCredito reflects: (i) the fact that the acquisition of Capitalia significantly strengthens UniCredito's position in the Italian domestic banking market, and offers considerable potential synergies, (ii) UniCredito's strong track record in implementing acquisitions, including that of HVB, in recent years, (iii) the equity-funded nature of the transaction, which preserves the group's capital ratios, (iv) the limited impact on financial fundamentals, including profitability and efficiency, also due to Capitalia's limited size relative to UniCredito and (v) the good progress made in integrating HVB since its acquisition in 2005, which ensures that management will have capacity to focus on integrating Capitalia. However, the rating agency also noted that UniCredito's asset quality and capital adequacy indicators are somewhat weaker than those of similarly rated peers, and commented that the confirmation of the ratings reflects the expectation that these indicators will see improvement in the coming 12 to 18 months.

Capitalia's ratings are upgraded to the same level as UniCredito's and will be withdrawn as a result of its incorporation into UniCredito immediately upon consummation of the acquisition.

The upgrade of the long-term debt and deposit ratings of BdR and Bipop (the latter to be merged into UniCredit Banca) and the confirmation of BdS's long-term debt and deposit ratings are supported (i) by the anticipation of these banks' strategic positioning as the only retail banking arms of the UniCredito group in their respective geographical areas following the group's divisional model, and (ii) by Moody's expectation of very high dependence and probability of parental support. Consequently, these ratings benefit from a three-notch uplift, to Aa3 from their A3 Baseline Credit Assessment (BCA) for BdR and Bipop and to A1 from a BCA of Baa1 for BdS. Moody's added that there are no rated BdS bonds outstanding and all of BdS's ratings are withdrawn for business reasons, while Bipop's ratings will be withdrawn upon its incorporation into UniCredit Banca, which is planned sometime before the end of 2008. Please refer to Moody's Withdrawal Policy on moodys.com.

The positive outlook on these three banks' BFSRs and their long-term deposit and debt ratings is underpinned by Moody's expectation of high levels of integration -- with key functions centralised at the holding level, as well as of improvements in these banks' standalone financial profiles following their new retail-only focus, the adoption of the new group's policies and procedures, and the benefits of potential synergies -- an expectation which is supported by UniCredito's strong track record in integrating acquisitions.

Under UniCredito's business plan, MCC will become the group's reference company for public sector lending -- a sector in which, Moody's noted, the UniCredito group has not traditionally been particularly active. The ongoing review for possible upgrade of MCC's ratings will therefore consider how strategic this activity -- and therefore MCC -- will be in the enlarged group. The expectation of high integration within its new group and improvements in its financial profile deriving both from its new focus on a generally low-risk business as well as from the implementation of UniCredito's policies and procedures and the benefits of potential synergies underpin the positive outlook on the bank's BFSR.

The following ratings were confirmed with a stable outlook:

UniCredito Italiano SpA: long-term debt and deposits at Aa2; subordinated debt at Aa3; junior subordinated debt at Aa3, Tier 3 debt at Aa3; bank financial strength at B-

UniCredito Italiano Capital Trust I: preferred stock at A1

UniCredito Italiano Capital Trust II: preferred stock at A1

UniCredito Italiano Capital Trust III: preferred stock at A1

UniCredito Italiano Capital Trust IV: preferred stock at A1

UniCredito Italiano Bank (Ireland) plc: backed long-term senior debt at Aa2

UniCredito Italiano SpA (Paris Branch): long-term deposits at Aa2

UniCredito Italiano SpA (New York Branch): long-term deposits at Aa2

UniCredit Luxembourg Finance SA: backed long-term senior debt at Aa2; backed subordinated debt at Aa3; backed Tier III debt at Aa3

Locat SpA: long-term issuer rating at Aa3

The following ratings were upgraded and will be withdrawn:

Capitalia: long-term deposit and debt ratings to Aa2 from A1, BFSR to B- from C-, subordinated to Aa3 from A2, junior subordinated to Aa3 from A2, Tier 3 at Aa3 from A2

The following ratings were upgraded:

Banca di Roma SpA: long-term debt and deposits to Aa3 from A1

Bipop-Carire SpA: long-term debt and deposits at Aa3 from A1

The following ratings remains on review for possible upgrade:

MCC SpA: long-term debt and deposits at A2

Zivnostenska Banka: financial strength rating at D

The outlook on the following ratings was changed to positive from stable:

Banca di Roma SpA: long-term debt deposits at Aa3, BFSR at C

Bipop-Carire SpA: long-term debt and deposits at Aa3, BFSR at C

MCC: BFSR at C

The outlook on the following ratings was changed to positive from stable and will be withdrawn:

Banco di Sicilia SpA: long-term debt and deposits at A1, BFSR at C-

The following ratings were confirmed and will be withdrawn:

Banco di Sicilia SpA: long-term debt and deposits at A1

The following ratings were affirmed:

Bank Austria Creditanstalt: long-term debt and deposits at Aa2; bank financial strength at C+

Bayerische Hypo- und Vereinsbank: long-term debt and deposits at A1; bank financial strength at C-

Zagrebacka Banka: long-term deposits at A2; financial strength rating at D+

Zivnostenska Banka: long-term deposits at A2;

Bank Polska Kasa Opieki SA: long-term deposits at Aa3; financial strength rating at C

Yapi ve Kredi Bankasi AS: long-term deposits at A3; financial strength rating at D+

Headquartered in Milan, Italy, UniCredito Italiano had total assets of EUR823 billion as at 31 December 2006.

Headquartered in Rome, Italy, Capitalia had total assets of EUR137 billion as at 31 December 2006.

Milan
Henry MacNevin
General Manager
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Antonio Carballo
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's confirms UniCredito Italiano's Aa2/B- ratings; Stable outlook
No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. 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 or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
Moodys.com