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Announcement:

Moody's extends reviews for downgrade on Cassa Centrale Raiffeisen S.p.A. and Cassa Centrale Banca S.p.A.

04 Apr 2019

Paris, April 04, 2019 -- Moody's Investors Service ("Moody's") today extended its reviews for downgrade on the ratings of Cassa Centrale Raiffeisen S.p.A. (Raiffeisen) and Cassa Centrale Banca S.p.A. (CCB) initiated on 30 May 2018 and 26 June 2018, respectively.

CCB's long-term bank deposits and long-term counterparty risk ratings (CRRs), currently Baa3, are on review for downgrade. CBB's baseline credit assessment (BCA) and adjusted BCA, currently baa3, are also on review for downgrade. The short-term CRRs and bank deposit ratings are Prime-3, on review for downgrade. Since January 2019, CCB has become the central body of 84 affiliated and member banks with total assets of about €72 billion, which together constitute "Gruppo Bancario Cooperativo". So far the newly established group has not disclosed consolidated accounts.

Raiffeisen's long-term deposit ratings and CRRs, currently Baa1, are on review for downgrade. Its baa3 BCA and adjusted BCA are also on review for downgrade.

Raiffeisen's affiliated banks have ruled out the creation of a fully-fledged cooperative group envisaged by the law establishing cooperative groups. Rather they have opted for a looser set-up whereby the solidarity mechanism between cooperative banks will be supported by an Institutional Protection Scheme (IPS), without a central body. The IPS is expected to be formed later in 2019.

RATINGS RATIONALE

The long-term ratings and assessments of both Raiffeisen and CCB are currently on review for downgrade as Moody's believes that the two entities' creditworthiness will be weaker in the new context of increased solidarity between member banks. According to the Italian legal framework on cooperative banking groups finalized at end-December 2018, local banks were required to become affiliated to a cooperative group in which the central body is entrusted with far-reaching oversight responsibilities. Furthermore, groups have to put in place a support mechanism between their members with the aim of protecting the solvency and liquidity of all affiliated banks and the group as a whole. Nevertheless, decrees published at the of end-2018 also permitted cooperative banks to opt for a less cohesive set-up, which may eventually result in the creation of an IPS.

During the review period, Moody's will seek to gain more clarity on the future entities' financial profiles and on the modus operandi of the support mechanisms between cooperative banks.

WHAT COULD MOVE THE RATINGS UP AND DOWN

Upgrades to CCB's and Raiffeisen's BCAs and ratings are unlikely given the current reviews for downgrade.

The BCAs of CCB and Raiffeisen could be downgraded if Moody's were to conclude that their risk profiles were materially weakened under their revised arrangements for mutual support, for example by greater exposure to problem loans in their respective networks.

The CRRs and long-term ratings of both entities, and the short-term ratings of CCB, could be downgraded following a downgrade of the BCAs or following a material reduction in their stock of bail-in-able debt and junior deposits. The CRR of Raiffeisen would also be downgraded following a downgrade of Italy's sovereign bond rating.

PRINCIPAL METHODOLOGY

The methodology used in these ratings/analysis was Banks published in August 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Guy Combot
VP-Senior Analyst
Financial Institutions Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Nicholas Hill
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
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