Home Business Banks, Moody’s aligns outlook to sovereign: Intesa Sanpaolo, Bper, UniCredit, Credem and Carige

Banks, Moody’s aligns outlook to sovereign: Intesa Sanpaolo, Bper, UniCredit, Credem and Carige

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Following the revision of the outlook on the debt rating assigned to the Italian government (Baa3) from “stable” to “negative”, Moody’s carried out a rating action on 14 Italian banks. Among these, Intesa Sanpaolo for which the US rating agency confirmed the long-term senior preferred (unsecured) rating at ‘Baa1’ and revised its outlook from stable to negative. The short-term rating is ‘P-2’.

Also yesterday, the same agency aligned UniCredit’s outlook with Italy’s sovereign one. The outlook was changed to “negative” (from “stable”) following the same action on the rating for Italy announced on 5 August. UniCredit’s long-term ‘Baa1’ and short-term ‘P-2’ ratings confirmed. Similar move on Bper, with the confirmation of the ratings by Moody’s and the downward revision of the outlook (outlook changes from stable to negative).

Among the Italian banks the same action on Banca Carige and Credem. Moody’s confirmed the ratings assigned to the Ligurian bank (Long Term Issuer Rating at Ba1 and Long-Term Bank Deposit Rating at Baa2) and changed the outlook to “negative” from “stable”.

All Credem ratings have been confirmed; with the outlook that has gone from “stable” to “negative”, in line with that of sovereign debt. Moody’s rating action, the note reads, reflects the potential consequences for banks of the transition to a negative outlook on the Italian government. Therefore, while confirming all ratings, Moody’s assigned Credem a negative outlook on long-term deposits and unsecured senior debt.

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