Actions reflect conclusion of methodology-related reviews and revision of government support considerations
NOTE: On December 30, 2015, the press release was corrected as follows: In the third paragraph of the REGULATORY DISCLOSURES section, changed the unsolicited credit ratings disclosure to: “The ratings of rated entity Credito Valtellinese were not initiated or not maintained at the request of the rated entity”; in the fourth paragraph of the REGULATORY DISCLOSURES section, changed the participating rated entity in unsolicited credit ratings disclosures to: “Moody’s considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody’s. On this basis, the rated entity Credito Valtellinese or its agent(s) is considered to be a participating entity. The rated entity or its agent(s) generally provides Moody’s with information for the purposes of its ratings process”. Revised release follows.
London, 22 June 2015 -- Moody's Investors Service has today taken actions on 17 banks in Italy
(Baa2 stable), of which 16 were on review. The reviews,
initiated on 17 March 2015, followed the introduction of the rating
agency's revised bank rating methodology published on 16 March 2015.
In light of the revised banking methodology, Moody's rating actions
generally reflect the following considerations (1) the "Moderate +"
Macro Profile of Italy; (2) the banks' modest core financial ratios;
(3) the protection offered to senior creditors by substantial volumes
of deposits and senior debt, as captured by Moody's Advanced Loss
Given Failure (LGF) liability analysis; and (4) Moody's view of a
decline in the likelihood of government support, in case of need.
Among the actions that Moody's has taken on the Italian banks are
the following:
- 11 long-term bank deposit and 10 issuer/senior unsecured
debt ratings upgraded
- One long-term bank deposit and three issuer/senior unsecured
debt ratings downgraded
- Three long-term bank deposit and one issuer/senior unsecured
debt ratings confirmed
- One long-term bank deposit rating affirmed
- Four short-term bank deposit and one issuer/senior unsecured
debt ratings upgraded
- One short-term bank deposit and one issuer/senior unsecured
debt ratings downgraded
- Three short-term bank deposit and one issuer/senior unsecured
debt ratings confirmed
- Eight short-term bank deposit and four issuer/senior unsecured
debt ratings affirmed;
- Seven baseline credit assessment (BCAs) affirmed and two downgraded
Moody's has also assigned Counterparty Risk (CR) Assessments to 19 Italian
banks and their branches, in line with its revised bank rating methodology.
These include four banks whose ratings were not on review.
Moody's has withdrawn the outlooks on all junior instrument ratings
for its own business reasons. Please refer to Moody's Investors
Service's Policy for Withdrawal of Credit Ratings, available on
its website, www.moodys.com.
Moody's has assigned stable outlooks to the long-term deposit and
issuer/senior unsecured debt ratings of the 17 affected banks.
Outlooks, which provide an opinion on the likely rating direction
over the medium term, are now assigned only to long-term
deposit and issuer/senior unsecured debt ratings.
For more information on these rating actions, please access "Key
Analytic Considerations in Our Rating Actions on Italian Banks" at:
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1005806
Please click on the following link to access the List of Affected Credit
Ratings. This list is an integral part of this Press Release and
identifies each affected issuer: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_182500
Please refer to this link for the initial bank review: https://www.moodys.com/research/Moodys-reviews-global-bank-ratings--PR_321005
Please refer to this link for the new bank rating methodology: http://www.moodys.com/viewresearchdoc.aspx?docid=PR_320662
RATINGS RATIONALE
The revised bank rating methodology includes a number of elements that
Moody's has developed to help more accurately predict bank failures and
determine how each creditor class is likely to be treated when a bank
fails and enters resolution. These new elements capture insights
gained from the crisis and the fundamental shift in the banking industry
and its regulation.
(1) THE "MODERATE +" MACRO PROFILE OF ITALY
Lower economic growth and greater event risk relative to some other European
countries are the main characteristics of the Italian banks' macro
environment. In addition, credit conditions are weakened
by the high leverage of the corporate sector, which is highly reliant
on short-term debt and bank lending. Bank funding has stabilised
but conditions remain fragile. On the other hand, Moody's
assesses institutional strength as "high +", which
is partly supported by commonly agreed EU political, economic,
fiscal and legal standards.
(2) THE BANKS' MODEST CORE FINANCIAL RATIOS
The Italian banks' BCAs (ba2 on an average asset-weighted
basis) reflect their modest financial ratios, including weak asset
quality, sufficient capital adequacy, low profitability and
satisfactory liquidity metrics. However, the banks'
BCAs range from baa3 to caa3, reflecting different degrees of resilience
to Italy's prolonged recession and bank-specific factors
(see below for the analytical considerations for the individual banks
covered in this press release).
(3) PROTECTION OFFERED TO SENIOR CREDITORS, AS CAPTURED BY MOODY'S
ADVANCED LGF LIABILITY ANALYSIS
Under its revised methodology, Moody's applies its Advanced LGF
analysis to the liability structures of banks subject to operational resolution
regimes. Moody's expects that Italy, as a member of the European
Union, will introduce bank resolution legislation in line with the
EU Bank Recovery and Resolution Directive (BRRD). Accordingly,
Moody's applies its Advanced LGF analysis to these banks' liability structures.
This analysis results generally in "very low" loss given failure for long-term
deposits and senior debt, taking into account the banks' substantial
volume of deposits and senior unsecured debt, including senior bonds
sold to retail clients.
(4) DECLINE IN THE LIKELIHOOD OF GOVERNMENT SUPPORT
Deposit and senior unsecured debt ratings of Italian banks now range from
A3 to Caa1. The lowering of Moody's government support assumptions
reflects the reduced likelihood of support being forthcoming within the
context of the expected implementation of the Bank Recovery and Resolution
Directive (BRRD). In most cases, the recognition of the likelihood
of very low loss on senior debt and deposits, as per Moody's Advanced
LGF framework, has offset the negative effect on the banks' ratings
from a decline in the expectation of government support.
RATIONALE FOR THE STABLE OUTLOOKS
Most Italian banks now carry a stable outlook, reflecting the stabilisation
of (1) Italy's operating environment, with Moody's expectations
of GDP growth between 0.5% and 1% in 2015 and 2016
(see the Global Macro Outlook published 12 May 2015); and (2) banks'
financials, with problem loan levels that Moody's believes
are now close to their peak, strengthened capital adequacy and improving
profitability.
--- BANK-SPECIFIC ANALYTIC FACTORS
--UniCredit Spa
The upgrade of UniCredit's long-term deposit and senior debt
ratings to Baa1, with a stable outlook, reflects the affirmation
of the bank's BCA at ba1 and the Advanced LGF analysis that provides
three notches of uplift from the bank's ba1 BCA. UniCredit
benefits from a sizeable volume of senior debt and a significant amount
of securities subordinated to it, resulting in extremely low expected
loss severity in the event of resolution.
The affirmation of UniCredit's ba1 BCA incorporates the bank's
weak asset quality and still-low profitability, which the
bank's sufficient capital and sound liquidity partly mitigate.
UniCredit's problem loans are high, at around 13% of
loans at March 2015. In Q1 2015, UniCredit's net income
fell by 28% to EUR512 million, compared to the equivalent
period of 2014, largely owing to a 17% rise in loan loss
provisions. Moody's however expects problem loan levels to
remain broadly stable in 2015, with net income strengthening,
based on the anticipated economic improvement in Italy.
The bank's transitional Common Equity Tier 1 (CET1) was 10.5%,
representing a sufficient 100 bp cushion over the ECB's prudential
requirement. UniCredit benefits from liquid assets well in excess
of one-year wholesale maturities and a funding profile well diversified
geographically and by type of instrument.
There is no uplift from Moody's "moderate" government
support assumptions (lowered from "very high" and two notches
previously) as the Baa1 long-term deposit and senior debt ratings
are already higher than Italy's Baa2 government bond rating.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
--UniCredit Leasing S.p.A.
The downgrade of UniCredit Leasing's issuer ratings to Ba1/Not-Prime
from Baa3/Prime-3 reflects the elimination of government support
from the ratings. Moody's says that UniCredit Leasing still
benefits from very high affiliate support from the company's parent,
UniCredit SpA, which leads to a four-notch uplift from the
company's BCA of b2, to an adjusted BCA of ba1, in line
with UniCredit SpA's BCA.
There is no offsetting effect under the Advanced LGF, as Moody's
does not consider non-bank companies such as UniCredit Leasing
likely to be included in the scope of the BRRD. There is no uplift
from Moody's "low" government support assumptions;
previously UniCredit Leasing benefited from one notch of government support
indirectly through UniCredit SpA's deposit rating, which itself
benefited from two notches of government support.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
--Intesa Sanpaolo Spa
The upgrade of Intesa's long-term deposit and senior debt
ratings to Baa1, with a stable outlook, reflects the affirmation
of the bank's baa3 BCA and the Advanced LGF analysis that provides
two notches of uplift from the bank's BCA. Intesa benefits
from a sizeable volume of senior debt and the limited amount of securities
subordinated to it, resulting in very low expected loss severity
in the event of resolution.
The affirmation of Intesa's BCA at baa3 reflects the bank's
sound capital adequacy, providing a considerable buffer to offset
the bank's weak asset quality and still-low, albeit
improving, profitability. In March 2015, Intesa's
transitional CET1 was 13.2%, well above the level
of its peers and the ECB's 9% specific requirement.
As at the same date, problem loans were high at about 13%
of loans, but Moody's believes they will peak in 2015,
based on a 21% year-on-year reduction of net new
inflows in Q1 2015. In Q1 2015, Intesa's net income
more than doubled to EUR1.1 billion compared to Q1 2014 primarily
owing to a 30% reduction of loan loss provisions and a 15%
growth in fees, and Moody's anticipates a further improvement
in Intesa's profitability from 2015 onwards. The bank's
reported 44% quarterly cost to income ratio was better than those
of its peers.
There is no uplift from Moody's "moderate" government
support assumptions (lowered from "very high" and one notch
previously) as the Baa1 long-term deposit and senior debt ratings
are already higher than Italy's Baa2 government bond rating.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
--Banca IMI
The upgrade of Banca IMI's long-term deposit and senior debt
ratings to Baa1, with stable outlook, reflects the Advanced
LGF analysis applied to the parent, Intesa. Moody's
believes a resolution of the Intesa group would include its domestic subsidiary,
and the rating agency's central scenario is that domestic ring-fencing
between Intesa and Banca IMI would not be applied by the resolution authorities.
For this reason, Moody's applied Intesa's LGF assumptions to Banca
IMI, which resulted in two notches of LGF uplift for Banca IMI's
deposit and senior debt rating above the baa3 BCA. There is no
uplift from Moody's "low" government support assumptions
(which remain unchanged).
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
-- Unione di Banche Italiane S.c.p.A
The upgrade of UBI's deposit and senior debt ratings to Baa2/Prime-2,
with a stable outlook, reflects the affirmation of the bank's
BCA at ba1 and the Advanced LGF analysis that provides two notches of
uplift from the bank's ba1 adjusted BCA. UBI benefits from
a sizeable volume of senior debt and the limited amount of securities
subordinated to it, resulting in very low expected loss severity
in the event of resolution. The affirmation of UBI's BCA
at ba1 reflects the bank's sound capital and liquidity profile.
UBI's standalone BCA also incorporates its weakened asset-quality
metrics due to the continued increase -- albeit decelerating
-- in non-performing loans, and its modest
profitability.
There is no uplift given Moody's assumption of a "low"
probability of government support, compared to one notch of uplift
previously.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
--Banca Nazionale del Lavoro S.P.A.
The upgrade of BNL's long-term deposit and senior debt ratings
to Baa1, with a stable outlook, from Baa2 reflects the affirmation
of the bank's ba2 BCA, the downgrade of the adjusted BCA to
baa3 from baa2, and the advanced LGF analysis that provides two
notches of uplift from the bank's baa3 adjusted BCA. BNL
benefits from a sizeable volume of senior debt and the limited amount
of securities subordinated to it, resulting in very low expected
loss severity, in the event of resolution.
The affirmation of BNL's BCA at ba2 reflects the bank's modest
regulatory capital, high reliance on ECB and parental funding,
improved capital levels, and ongoing funding support from its parent
BNP Paribas (deposits, senior unsecured A1/A1 stable, BCA
baa1). As some support from BNP is already included in BNL's
BCA, Moody's says that it reduced the uplift for affiliate
support in BNL's adjusted BCA to two notches, from three previously.
There is no government support uplift given Moody's assumption that
the probability of such support will be low.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
--Cassa di Risparmio di Parma e Piacenza Spa (Cariparma)
The upgrade of Cariparma's long-term deposit and senior debt
ratings to A3, with a stable outlook, reflects one notch of
affiliate support uplift from Credit Agricole SA (adjusted BCA of baa2)
and two-notch uplift under the Advanced LGF analysis from the bank's
baa2 adjusted BCA. Cariparma benefits from a sizeable volume of
senior debt and the limited amount of securities subordinated to it,
resulting in very low expected loss severity in the event of resolution.
There is no uplift from Moody's "low" government support
assumptions (lowered from "moderate" previously).
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
--Banca Popolare di Milano S.C.a.r.l
The upgrade of BPM's long-term deposit and senior debt ratings
to Ba3, with a stable outlook, reflects the affirmation of
the bank's BCA at b2 and the Advanced LGF analysis that provides
two notches of uplift from the bank's b2 adjusted BCA. BPM
benefits from a sizeable volume of senior debt and the limited amount
of securities subordinated to it, resulting in very low expected
loss severity in the event of resolution. The affirmation of BPM's
BCA at b2 reflects the bank's improved capital levels, following
several capital reinforcement measures during 2014, as well as its
continued balance-sheet deleveraging that has gradually improved
its liquidity profile. The bank's standalone BCA also reflects
its (1) corporate-governance shortcomings; (2) weakened asset-quality
indicators due to the continued increase -- albeit decelerating
-- in non-performing loans; and (3) low profitability,
albeit modestly improving.
There is no government support uplift given Moody's assumption that
the probability of such support is low, compared to one notch previously.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
--Credito Emiliano SpA (Credem)
The upgrade of Credem's deposit ratings to Baa2, with a stable
outlook, reflects the Advanced LGF analysis that provides one notch
of uplift from the bank's baa3 BCA. Credem benefits from
a sizeable volume of senior debt and the limited amount of securities
subordinated to it, resulting in low expected loss severity in the
event of resolution. There is no government support uplift given
Moody's assumption that the probability of such support will be
low.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
--Credito Valtellinese (CreVal)
The upgrade of CreVal's long-term deposit and senior debt
ratings to Ba2, with a stable outlook, reflects the Advanced
LGF analysis that provides two notches of uplift from the bank's
b1 BCA. CreVal benefits from a sizeable volume of senior debt and
the limited amount of securities subordinated to it, resulting in
very low expected loss severity in the event of resolution. There
is no government support uplift given Moody's assumption that the
probability of such support will be low
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
--FCA Bank Spa
The upgrade of FCA Bank's long-term deposit and issuer ratings
to Baa2, with a stable outlook, reflects the one-notch
lowering of the BCA to ba3, the unchanged two notches of affiliate
support uplift from Credit Agricole SA (adjusted BCA of baa2) and two
notches of uplift from the Advanced LGF analysis. FCA Bank benefits
from a sizeable volume of senior debt, resulting in very low expected
loss severity in the event of resolution. There is no further uplift
given Moody's "low" government support assumption.
The lowering of the BCA reflects Moody's application of a stricter
constraint of one notch above the B1 rating of FCA Bank's industrial
parent, Fiat Chrysler Automobiles NV (FCA), from two notches
previously. Under the previous methodology, the two-notch
difference between the bank's BCA and the rating of FCA itself in
part reflected the lower expected loss inherent in the car financing business.
Expected loss is now incorporated in Moody's LGF analysis,
leading us to reposition the BCA closer to FCA's rating, better
reflecting their intrinsically tight links and similar failure probabilities.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
--Iccrea BancaImpresa S.p.a.
The affirmation of Iccrea's Ba2 deposit ratings, with a stable
outlook, reflects the affirmation of the bank's b1 BCA and
ba3 adjusted BCA, and the Advanced LGF analysis that provides one
notch of uplift from the bank's ba3 adjusted BCA. Iccrea
benefits from a moderate volume of senior debt and the limited amount
of securities subordinated to it, resulting in low expected loss
severity in the event of resolution.
There is no government support uplift given Moody's assumption that
the probability of such support will be low. The affirmation of
Iccrea's b1 BCA reflects the bank's very high integration
within the Iccrea group, deteriorating asset quality, modest
capitalisation, and good liquidity. The affirmed ba3 adjusted
BCA reflects Iccrea's affirmed BCA as well as Moody's unchanged
"moderate" support assumption coming from the Italian cooperative
banking network (unrated).
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
--Banca Sella Holding
The confirmation of Banca Sella's Ba1 deposit ratings, with
a stable outlook, reflects the downgrade of the bank's BCA
to ba3 from ba2 and the Advanced LGF analysis that provides two notches
of uplift from the bank's ba3 BCA. Banca Sella benefits from
a sizeable volumes of senior debt and the limited amount of securities
subordinated to it, resulting in very low expected loss severity
in the event of resolution. The downgrade of Banca Sella's
(P)Ba2 senior unsecured MTN rating reflects the downgrade of the bank's
BCA to ba3 from ba2 and the Advanced LGF analysis that provides one notch
of uplift from the bank's ba3 BCA, indicating low expected
loss severity in the event of resolution.
The downgrade of Banca Sella's BCA to ba3 from ba2 reflects the
bank's modest capital and low profitability in the context of deteriorating
asset quality. In December 2014, Banca Sella reported a CET
1 ratio of 9%, which is equivalent to our Tangible Common
Equity to adjusted risk-weighted assets ratio of just 7.4%.
Asset quality continued to deteriorate in 2014, with problem loans
reaching 12% of gross loans. Deteriorating asset quality
also impacted profitability; Banca Sella reported 0.5%
net profit over tangible assets, mostly owing to one-off
gains from the sale of government bonds.
There is no uplift from Moody's "low" government support
assumptions, compared to "moderate" and one notch previously.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
--Cassa Centrale Banca-Credito Coop d Nord Est (Cassa
Centrale Banca)
The confirmation of Cassa Centrale Banca's Baa3 deposit and issuer
ratings reflects the Advanced LGF analysis that provides no uplift from
the bank's baa3 BCA. Moody's said it believes that
Cassa Centrale Banca deposits and senior unsecured debt are likely to
face moderate loss-given-failure, due to the very
limited loss absorption provided by subordinated debt and limited volume
of debt and deposits themselves. Additionally, Moody's
said that its LGF analysis takes into account the rating agency's
expectation that Cassa Centrale Banca's balance sheet will significantly
reduce in size in the next 18 months. This results in these ratings
being positioned at the same level as the BCA.
There is no government support uplift given Moody's assumption that
the probability of such support will be low.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
--Cassa Centrale Raiffeisen
The two-notch upgrade of Cassa Centrale Raiffeisen's deposit
and issuer ratings to Baa1, with a stable outlook, reflects
the Advanced LGF analysis that provides two notches of uplift from the
bank's baa3 adjusted BCA. Cassa Centrale Raiffeisen benefits
from a sizeable volumes of senior debt, given its wholesale profile,
resulting in very low expected loss severity in the event of resolution.
There is no government support uplift given Moody's assumption that
the probability of such support will be low.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
-- Banca del Mezzogiorno -- Mediocredito Centrale Spa
The confirmation of Banca del Mezzogiorno's long-term deposit
ratings of Ba1, with a stable outlook, is due to the Advanced
LGF analysis that provides two notches of uplift from the bank's
ba3 adjusted BCA and offsets reduced government support assumptions.
Banca del Mezzogiorno benefits from a sizeable volumes of senior debt,
resulting in very low expected loss severity in the event of resolution.
This offsets the lowering in Moody's government support assumptions,
via the bank's owner Poste Italiane (Baa2 stable), to "low"
from "high", leading to no government support uplift
compared to two notches previously.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
--Mediocredito Trentino Alto Adige
The downgrade of MTAA's long-term deposit and issuer ratings
to Ba1 from Baa3, with a stable outlook, reflects reduced
public support assumptions, partly offset by the Advanced LGF analysis
that provides two notches of uplift from the bank's adjusted BCA
of ba3.
The lowering in Moody's government support assumptions, via
MTAA's public-sector owners, the Autonomous Provinces
of Trento and Bolzano (both rated A3 with stable outlook), and the
Autonomous Region of Trentino-Alto Adige (not rated), to
"low" from "very high" results in no government
support uplift, compared to three notches previously.
This is partly offset by a sizeable volumes of senior debt, resulting
in very low expected loss severity in the event of resolution.
--- ASSIGNMENT OF COUNTERPARTY RISK ASSESSMENTS
Moody's has also assigned CR Assessments to 19 Italian banks and their
branches. CR Assessments are opinions of how counterparty obligations
are likely to be treated if a bank fails, and are distinct from
debt and deposit ratings in that they (1) consider only the risk of default
rather than expected loss and (2) apply to counterparty obligations and
contractual commitments rather than debt or deposit instruments.
The CR assessment is an opinion of the counterparty risk related to a
bank's covered bonds, contractual performance obligations (servicing),
derivatives (e.g., swaps), letters of credit,
guarantees and liquidity facilities.
The CR Assessments for most Italian banks are one notch above their deposit
ratings and reflect the seniority of the counterparty obligations and
the volume of liabilities subordinated to them under Moody's Advanced
LGF framework.
For the following banks the CR Assessments are capped at Baa1(cr),
one notch above Italy's Baa2 government bond ratings, reflecting
the more limited benefit of subordination to such obligations under a
scenario of sovereign default:
Intesa Sanpaolo
Cassa di Risparmio di Parma e Piacenza
Banca Nazionale del Lavoro
Credito Emiliano
Cassa Centrale Raiffeisen
WHAT COULD CHANGE THE RATINGS UP/DOWN
Upward rating momentum on the banks' ratings could develop from
(1) a reduction of problem loans, for example through sales or organic
improvements driven by better economic conditions; and/or (2) a sustained
strengthening of profitability.
Downward rating pressure could emerge if (1) problem loans continue to
increase; (2) net losses reduce capital adequacy; and/or (3)
external events, such as a potential exit of Greece (Caa2 negative)
from the euro area, which would constrain economic growth and funding
conditions.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks published in
March 2015. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.
The principal methodology used in rating Unicredit Leasing S.P.A.
was Finance Company Global Rating Methodology published in March 2012.
Please see the Credit Policy page on www.moodys.com for
a copy of this methodology.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support provider's credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this rating action, and
whose ratings may change as a result of this rating action, the
associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
The ratings of rated entity Credito Valtellinese were not initiated or not maintained at the request of the rated entity.
Moody’s considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody’s. On this basis, the rated entity Credito Valtellinese or its agent(s) is considered to be a participating entity. The rated entity or its agent(s) generally provides Moody’s with information for the purposes of its ratings process.
The following information supplements Disclosure 10 ("Information
Relating to Conflicts of Interest as required by Paragraph (a)(1)(ii)(J)
of SEC Rule 17g-7") in the regulatory disclosures made at
the ratings tab on the issuer/entity page on www.moodys.com
for each credit rating:
For identification of which credit ratings have payors that have or have
not paid Moody's for services other than determining a credit rating
in the most recently ended fiscal year, please see the detailed
list under the following link: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_182500
. The list is an integral part of this press release.
The below contact information is provided for information purposes only.
Please see the ratings tab of the issuer page at www.moodys.com,
for each of the ratings covered, Moody's disclosures on the
lead analyst and the Moody's legal entity that has issued the ratings.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
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.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Carlo Gori
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Nicholas Hill
Managing Director
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's takes actions on 17 Italian banks' ratings
