Topgun1976
Guest
Anche Mps ok,dividendo assegnato,quindi cedola confermata
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 1 (15 lettori)
- Creatore Discussione negusneg
- Data di Inizio
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- additional tier 1 bail in basilea 3 coco bonds crd iv genussscheine grandfathering hybrid bond loss absorption lower tier 2 make whole amount matusalem bond obbligazioni irredimibili obbligazioni perpetue obbligazioni subordinate perpetual bond preference shares restricted tier 1 tier 1 upper tier 2
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Topgun1976
Guest
Standard & Poor's nella giornata odierna ha tagliato il rating su Banco Popolare (Milano: BP.MI - notizie) ad "A-/A-2" per debito di lungo termine e "A-/A-2" da "A/A-1" per quello di breve termine mentre l'outlook resta negativo.L'agenzia ha anche abbassato a "BBB-" da "BBB+" il rating sull'emissione Tier 1 subordinato
marketa
Forumer attivo
Topgun1976
Guest
Onestamente non lo sò,Ho tel e inviato email ma ovviamente nessuna risposta.Aspettiamo Moodys e Fitch penso non tarderanno ad abbassare anche loro il Rating,e magari ci sarà una nota sul Tier 1 LodiCiao me lo aspettavo. Cosa pensi il perpetual Lodi a giugno pagherà?
Imark
Forumer storico
Il commento sulla rating action di Banco Popolare ...
Italy's Banco Popolare Società Cooperativa And Core Subsidiaries Downgraded To 'A-/A-2'; Outlook Negative
PARIS (Standard & Poor's) March 26, 2009--Standard & Poor's Ratings Services said today that it has lowered its long-term and short-term counterparty credit ratings on Italian bank Banco Popolare Società Cooperativa SCRL (BP) and core subsidiaries Banca Aletti & C. SpA and Credito Bergamasco to 'A-/A-2' from 'A/A-1'. The outlook is negative.
We also have lowered our ratings to 'BBB-' from 'BBB+' on BP's perpetual Tier 1 subordinated notes. We have removed the ratings from CreditWatch where they were placed with negative implications on Feb. 20, 2009.
"The downgrade reflects our expectation that BP's financial profile will
significantly weaken as it assumes a large part of the riskier assets of
Italian leasing company Banca Italease SpA and as a result of deteriorated economic conditions in Italy that we believe could weaken the bank's asset quality and profitability," said Standard & Poor's credit analyst Renato Panichi.
The two-notch downgrade of the hybrid capital instruments reflects the deterioration of the bank's creditworthiness and moderate increase of risk for deferral of coupon payment.
The current ratings on BP reflect a balancing of our expectation of a
weaker credit and financial performance with our view of the bank's solid
franchise in its core retail and small and midsize enterprise businesses in
wealthy north and central Italy.
We believe that BP's restructuring plan for Italease will significantly
increase the bank's risk profile. The bank will consolidate Italease's riskier
assets, particularly large loan exposures toward real estate operators.
In addition, we believe that BP is vulnerable to the currently difficult
economic environment because of its large loan exposures to a few weak
companies and poor revenue generation in part of its branch network.
We note that BP closed last year by reporting a €333 million loss, mainly as a result of impairments and provisions that it took to clean up its loan and equity portfolios. We expect earnings pressure to persist in 2009 and 2010, as revenues decline on the back of falling interest and fee and trading income and as the bank continues to take provisions against increased flows of impaired loans. The risks of the bank's announced consolidation of Italease are likely to add to the pressure on BP's profitability and asset quality.
We do not consider BP's capitalization as a ratings strength, given the
risks of consolidating Italease. The current ratings already incorporate the bank's expressed willingness to ask to participate in the Italian's
government's capitalization scheme in the amount of €1.45 billion. As a
result, BP's Tier 1 ratio would reach a more comfortable 8%, compared with 6.2% at end-2008 including the consolidation of Italease.
We view BP's liquidity profile as adequate overall in the context of a
much tighter access to funding.
We consider the bank to have high systemic importance within the Italian banking sector.
"The negative outlook reflects the possibility that we could further
lower the ratings if BP's financial profile deteriorates significantly further
during 2009 and 2010. We would also downgrade BP if the bank does not complete its capital strengthening plan aiming at reaching a Tier 1 ratio of 8%," said Mr. Panichi.
Conversely, we could revise the outlook back to stable if BP's financial
profile, including capital position, proves resilient amid the challenging
economic and operating conditions ahead.
Italy's Banco Popolare Società Cooperativa And Core Subsidiaries Downgraded To 'A-/A-2'; Outlook Negative
PARIS (Standard & Poor's) March 26, 2009--Standard & Poor's Ratings Services said today that it has lowered its long-term and short-term counterparty credit ratings on Italian bank Banco Popolare Società Cooperativa SCRL (BP) and core subsidiaries Banca Aletti & C. SpA and Credito Bergamasco to 'A-/A-2' from 'A/A-1'. The outlook is negative.
We also have lowered our ratings to 'BBB-' from 'BBB+' on BP's perpetual Tier 1 subordinated notes. We have removed the ratings from CreditWatch where they were placed with negative implications on Feb. 20, 2009.
"The downgrade reflects our expectation that BP's financial profile will
significantly weaken as it assumes a large part of the riskier assets of
Italian leasing company Banca Italease SpA and as a result of deteriorated economic conditions in Italy that we believe could weaken the bank's asset quality and profitability," said Standard & Poor's credit analyst Renato Panichi.
The two-notch downgrade of the hybrid capital instruments reflects the deterioration of the bank's creditworthiness and moderate increase of risk for deferral of coupon payment.
The current ratings on BP reflect a balancing of our expectation of a
weaker credit and financial performance with our view of the bank's solid
franchise in its core retail and small and midsize enterprise businesses in
wealthy north and central Italy.
We believe that BP's restructuring plan for Italease will significantly
increase the bank's risk profile. The bank will consolidate Italease's riskier
assets, particularly large loan exposures toward real estate operators.
In addition, we believe that BP is vulnerable to the currently difficult
economic environment because of its large loan exposures to a few weak
companies and poor revenue generation in part of its branch network.
We note that BP closed last year by reporting a €333 million loss, mainly as a result of impairments and provisions that it took to clean up its loan and equity portfolios. We expect earnings pressure to persist in 2009 and 2010, as revenues decline on the back of falling interest and fee and trading income and as the bank continues to take provisions against increased flows of impaired loans. The risks of the bank's announced consolidation of Italease are likely to add to the pressure on BP's profitability and asset quality.
We do not consider BP's capitalization as a ratings strength, given the
risks of consolidating Italease. The current ratings already incorporate the bank's expressed willingness to ask to participate in the Italian's
government's capitalization scheme in the amount of €1.45 billion. As a
result, BP's Tier 1 ratio would reach a more comfortable 8%, compared with 6.2% at end-2008 including the consolidation of Italease.
We view BP's liquidity profile as adequate overall in the context of a
much tighter access to funding.
We consider the bank to have high systemic importance within the Italian banking sector.
"The negative outlook reflects the possibility that we could further
lower the ratings if BP's financial profile deteriorates significantly further
during 2009 and 2010. We would also downgrade BP if the bank does not complete its capital strengthening plan aiming at reaching a Tier 1 ratio of 8%," said Mr. Panichi.
Conversely, we could revise the outlook back to stable if BP's financial
profile, including capital position, proves resilient amid the challenging
economic and operating conditions ahead.
marketa
Forumer attivo
Imark
Forumer storico
Ciao marketa, dopo la operazione su Italease, secondo me ci sono seri rischi che non paghi...
Per correttezza, l'agenzia che tu riporti ritiene ad oggi che tale rischio sia "moderato" e pertanto che ci sono ancora molte più possibilità che paghi piuttosto che il contrario...
marketa
Forumer attivo
Imark
Forumer storico
negusneg
New Member
Secondo me paga, altrimenti rischia di saltare anche la cedola di Tremonti l'anno prossimo...
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