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oggi uscito completamente a 98,75(pmc 98) dalla MEDIOBANCA SENIOR 3% DOLLARI SCADENZA OTTOBRE 2019

IT0005056483

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Societe Generale Outlook Revised To Positive On Plans For Loss Absorption Buildup; 'A/A-1' Ratings Affirmed
  • 24-Oct-2018 02:19 EDT
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  • We consider that Société Générale (SG) is making rapid progress in the
    execution of its medium-term financing plan, in particular the buildup of
    a sizable buffer of bail-in-able debt (TLAC- and MREL-eligible
    instruments), protecting senior creditors.
  • We are affirming our ratings on SG and its rated subsidiaries, and
    revising the outlook to positive from stable on SG and those group
    entities that are eligible for additional loss-absorbing capacity (ALAC)
    uplift.
  • The positive outlook reflects our expectations that SG's loss-absorbing
    buffer will reach 8% of risk-weighted assets (RWAs) by mid-2020 and that
    the group will enhance profitability in line with 'A+' rated peers.
  • We don't expect a change in our stand-alone assessment on SG, hence our
    issue-level ratings on hybrid debt are likely to be unchanged.
 
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