After waving the ax of a downgrade of the rating on Italy to “junk”, Moody’s launches a warning also on Italian banks.
However, the warning is not addressed only to Italian credit institutions, as it is also launched on German and Austrian banks.
In a note, the rating agency highlights that the banks of Italy, Germany and Austra have a high exposure to energy-intensive companies, in the midst of an energy crisis, characterized by rising energy costs and the risk of rationing. gas during the winter: a situation, explains Moody’s, which will make it more difficult for companies to be able to repay the loans they have received from banks.
Moody’s therefore rekindles concern over the problem of NPLs, so-called non-performing loans that weigh on banks’ balance sheets. NPLs that will return to besiege above all the banks of those countries characterized by greater energy shortages, namely the banks of Germany, Italy and Australia.
“Our analysis, relating to the exposure of banks present in countries most susceptible to high energy prices and energy rationing, shows that Italian banks are heavily exposed to the manufacturing sector, while German banks have provided large loans to the energy and public services sector, ”the report reads.
Some banks, in particular – notes Moody’s – have above-average exposure to sectors characterized by a high intensity of energy consumption and have already provided additional information on their exposure to energy-intensive companies, with the presentation of their half-year results.
Moody’s sues Banco Bpm, which has an exposure to manufacturing companies for a value of € 22.1 billion and to the energy sector for € 1.2 billion; Intesa Sanpaolo (65.5 and 10.5 billion respectively) and UniCredit (60.1 and 9.7 billion).
Among the German banks most exposed to the effects of the energy crisis, and therefore to the risk that companies will not be able to repay the loans received, giving rise to a surge in NPLs, there are Commerzbank, Bayerische Landesbank, Landesbank Hessen, Thueringen Gz and Landesbank. Baden.
Finally, the rating agency appoints Raiffeisen Bank International and Raiffeisenlandesbank Oberoesterreich between the Austrian banks.
The day before yesterday, Wednesday, September 7, Moody’s issued a warning to the Meloni government, waving the threat of a downgrade of the Italian public debt (BTP) rating to the “junk” level:
Moody’s has a Made in Italy public debt rating above the “junk” level by just one step. The rating is Baa3 and the outlook is also negative.
“We would probably downgrade Italy’s ratings if we were to see a significant weakening of the country’s medium-term growth prospects, due to the failure to implement growth-enhancing reforms, including those outlined in the NRP”, reads the update report widespread, signed Moody’s.