Wednesday, 30 April 2014 - 3:00pm

After the announcement regarding acquisition of Banca Popolare di Spoleto, Fitch Ratings reconfirms the bank’s assigned ratings, limiting changes only to placing some on rating watch negative

Wednesday 30 April 2014

Following the announcement on 1 April 2014 by Banco di Desio e della Brianza S.p.A. regarding the signing of agreements for the acquisition of Banca Popolare di Spoleto S.p.A., today the international rating agency Fitch Ratings - accepting that the transaction could improve cost efficiency and consequently result in a stronger capacity to produce income - left Banco Desio’s assigned ratings unchanged and placed only the following on rating watch negative (RWN):

  • the Long Term Default Rating (BBB+),
  • the Short Term Issuer Default Rating (F2),
  • the Viability Rating (bbb+).

Assignment of the RWNs essentially reflects factors such as the absence of other such major strategic transactions in Banco Desio’s history and Fitch’s opinion on the potential short-term impact on asset quality, capital and potential operational risks deriving from this transaction.

The Agency expects to be able to cancel the RWNs after completion of the acquisition procedure for Banca Popolare di Spoleto, forecast for the second half of 2014.

Desio, 30 April 2014

The Chief Executive Officer

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Last updated 07/08/2014