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Global Credit Research - 07 Dec 2010
Milan, December 07, 2010 -- Moody's Investors Service has today downgraded Banca Agrileasing's
(Agrileasing) standalone Bank Financial Strength Rating (BFSR) to D+
from C-, and its long-term deposit rating of Banca
Agrileasing (Agrileasing) to Baa1 from A3. The bank's BFSR
now maps to a baseline credit assessment (BCA) of Ba1 on the long-term
rating scale, from Baa2 previously. The short-term
deposit rating is unchanged at Prime-2. The outlook on all
ratings has been changed to stable from negative.
The following ratings were downgraded:
Long-term deposit and debt ratings to Baa1 from A3;
Bank Financial Strength Rating to D+ from C-;
Subordinated debt rating to Baa2 from Baa1;
Tier III MTN to P(Baa2) from P(Baa1);
Junior Subordinate rating to Baa3 from Baa2.
The outlook has been changed to stable from negative.
The rating action reflects primarily the bank's growing problem
loans (87% of equity and loan loss reserves in June 2010) compared
with its weak Tier 1 capital ratio of 5.4%. The deterioration
in asset quality is however in line with the Italian banking system,
and reflects the weak economic conditions, and is mitigated by the
ownership of collateral in the leasing contracts. The low capital
adequacy is a result of group policy, thus making Agrileasing more
dependent on potential ongoing capital support. In addition,
the bank's mission as a group product company, whose primary
goal is not to maximise profit, contributes to the low level of
internal capital generation (annualised net income was 0.2%
of risk-weighted assets in June 2010). The general pressure
on profits in the Italian banking system was partly offset, in Agrileasing's
case, by the interest rate floor on the bank's leasing contracts.
The rating agency however said that, even taking into account these
explanation for Agrileasings modest profitability and capital adequacy
in particular, its financial fundamentals are such as to position
the bank's BFSR and BCA at the D+/Ba1 level.
Moody's notes that Agrileasing's BFSR is supported by the
bank's widening role as the central leasing institute and more recently
also the corporate bank of the 420 small Italian co-operative credit
banks. As such, it is the fourth-largest leasing company
in Italy, with a 6.8% market share. The rating
is also supported by ongoing co-operative support, particularly
for intra-group funding -- on which the bank is increasingly
reliant - and risk management.
Moody's said that it believes that the probability of co-operative
support is high for Agrileasing, given that it is a central institution
of Italian co-operative credit banks. However, the
probability of systemic support is low, given the bank's small
size and wholesale nature. The above results in a three-notch
uplift of the deposit rating from the BCA.
The BFSR could be upgraded if the bank's financials improve,
in particular Tier 1 above 7% and net income above 1% or
RWA. The bank's deposit ratings may be upgraded if the bank's BFSR
is upgraded or if support - such as that deriving from a legally
binding support agreement- from the BCC sector was assessed as
The BFSR could be downgraded in the event of (i) further deterioration
in the bank's financial profile, such as a net loss; or (ii)
significant expansion into higher-risk products outside of its
traditional leasing products, particularly if not accompanied by
appropriate policies, procedures, controls, systems
and expertise. A downgrade of Agrileasing's BFSR could lead to
a lower deposit rating. In addition, any material financial
deterioration of Italian co-operative credit banks could also lead
to a deposit downgrade.
The principal methodologies used in this rating were Bank Financial Strength
Ratings: Global Methodology published in February 2007, and
Incorporation of Joint-Default Analysis into Moody's Bank Ratings:
A Refined Methodology published in March 2007.
Moody's last rating action on Banca Agrileasing was implemented on 09
February 2010, when the ratings for the bank's junior subordinated
debt and EMTN programme (Upper Tier 2) were downgraded to Baa2 from Baa1.
Based in Rome, Agrileasing had total assets of ?9.4
billion in June 2010.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, and public information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of maintaining
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.
Vice President - Senior Analyst
Financial Institutions Group
Moody's Italia S.r.l
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
Moody's downgrades Banca Agrileasing to Baa1/D+; outlook stable
Corso di Porta Romana 68
No Related Data.
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