9/15
Forumer storico
Concordo, ma altra robba (alla Bos) italiana è salita molto nonostante la fase politica incerta imminente, TdS compresi, mentre Unipol è ferma (dopo aumento capitale la considero un discreto emittente) e UBI è solo salicchiata.
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (33 lettori)
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
Concordo, ma altra robba (alla Bos) italiana è salita molto nonostante la fase politica incerta imminente, TdS compresi, mentre Unipol è ferma (dopo aumento capitale la considero un discreto emittente) e UBI è solo salicchiata.
Cat XL
Shizuka Minamoto
Banca Monte dei Paschi di Siena Ratings Lowered To 'BB+/B' And Placed On CreditWatch
Banca Monte dei Paschi di Siena Ratings Lowered To 'BB+/B' And Placed On CreditWatch Negative
In our view, deteriorating trends in Banca Monte dei Paschi di Siena's (MPS) financial position make it unlikely that the bank would restore profitability and improve its capital and funding position in line with our previous expectations.
We also believe that the difficult economic and operating environment we anticipate in the Italian market will compound the challenges for MPS to implement successfully its business plan and mitigate the negative impact on its financial profile of certain risks arising from past decisions.
We are lowering our long- and short-term counterparty credit ratings on MPS to 'BB+/B' from 'BBB-/A-3', the ratings on its senior unsecured debt to 'BB+' from 'BBB-', and the ratings on its nondeferrable subordinated debt issues to 'B-' from 'BB-'.
We are placing the long-term counterparty credit rating, and the senior unsecured and nondeferrable debt ratings on CreditWatch with negative implications.
The negative CreditWatch listing mainly reflects the uncertainties we currently see about the extent to which the capital support provided by the government would likely cushion potential deterioration of MPS' financial profile.
NEW YORK (Standard & Poor's) Dec. 5, 2012--Standard & Poor's Ratings Services said today it lowered its long- and short-term counterparty credit ratings on Italy-based Banca Monte dei Paschi di Siena SpA (MPS) to 'BB+/B' from 'BBB-/A-3'. We also lowered our rating on MPS' Lower Tier II subordinated notes to 'B-' from 'BB-'. At the same time, we placed our long-term counterparty credit rating, as well as our senior unsecured and nondeferrable subordinated debt rating, on CreditWatch with negative implications.We have affirmed our 'CCC+' junior subordinated debt ratings and our 'CCC' preferred stock ratings. The downgrade reflects our view that the deteriorating trends at Banca Monte dei Paschi (MPS) make it unlikely that the bank would be able to restore its profitability, capital, and funding position in line with our previous expectations. In this context, we believe that the difficult economic and operating environment in the Italian market compounds the challenges that MPS faces in implementing successfully its business plan and in mitigating the negative impact on its financial profile of certain risks resulting from past decisions.MPS' financial profile has been negatively affected by a combination of lower revenues and higher cost of risk. These factors have contributed to the bank reporting €47.5 million of additional losses in the third quarter of 2012. Furthermore, the bank has requested €500 million in capital instruments from the government in addition to what the bank announced in June 2012.As a consequence of the deterioration in its financial profile and the tough economic and operating environment in Italy, MPS will likely face more difficulties than we previously anticipated in successfully implementing its business plan. In particular, we anticipate that the bank's operating profitability might continue to be squeezed in 2013, notwithstanding its planned cost-cutting efforts, by what we expect to be continued pressures on revenues and cost of risk. In addition, it is possible that the disposal of some noncore assets will take more time than anticipated by the bank. Given trends at MPS and the environment, we also think that the risk that the bank might not be able to proceed with the announced €1 billion capital increase in 2014 have increased. Therefore, in our view, it is unlikely that Standard & Poor's risk adjusted capital (RAC) ratio before diversification adjustments for MPS will be comfortably above 5% by the end of 2014 without support from the government. Furthermore, we consider MPS' quality of capital to be weakened by the significant amount of deferred tax assets that the bank carries in its books, accounting for about 49% of its total adjusted capital as of September 2012. We have, therefore, changed our assessment on capital and earnings to "weak" from "moderate" as our criteria define these terms.Furthermore, in our view, MPS' request for an additional €500 million in capital instruments indicates that it may continue to prove challenging for the bank to mitigate the negative financial impact of some of the risks built up by past strategic decisions if they were to materialize in the context of the negative economic environment. We understand the bank is requesting this amount in order to cushion the potential impact of the possible restructuring of the funding of some of its large long-dated government bond portfolio, and of some structured transactions. With the additional needs, MPS has raised the total amount of support requested from the government to €3.9 billion. We understand that €1.9 billion of the amount requested is intended to be used to redeem the same amount of Tremonti Bonds, which we include in our 2011 pro forma RAC ratio and which MPS has been unable to repay since the government subscribed them in 2009. We believe that the capital instruments to which the government will subscribe could possibly support an improvement of our assessment of MPS' capital and earnings to "moderate". We are therefore incorporating a one-notch rating uplift over MPS' stand-alone credit profile (SACP) to reflect short-term capital support. The negative CreditWatch listing mainly reflects the current uncertainties about the extent to which the capital support provided by the government will likely cushion potential deterioration of MPS' financial profile. We expect to resolve the CreditWatch placement once we have analyzed the characteristics of the capital instruments expected to be subscribed to by the government and determine the extent to which they meet our criteria to enable us to give them credit in our capital metrics. In the event that we consider the new capital instruments to have minimal equity content, we will assess the extent to which they may build a cushion that counterbalances some of the potential risks of further deterioration of MPS' financial profile.RELATED CRITERIA AND RESEARCHAll articles listed below are available on RatingsDirect on the Global Credit Portal, unless otherwise stated.Banks: Rating Methodology & Assumptions, Nov. 9, 2011
Group Rating Methodology And Assumptions, Nov. 9, 2011
Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011
Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011
Use Of CreditWatch And Outlooks, Sept. 14, 2009
Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow 7 (495) 783-4009.
Additional Contact:Financial Institutions Ratings Europe;
[email protected]
Banca Monte dei Paschi di Siena Ratings Lowered To 'BB+/B' And Placed On CreditWatch Negative
In our view, deteriorating trends in Banca Monte dei Paschi di Siena's (MPS) financial position make it unlikely that the bank would restore profitability and improve its capital and funding position in line with our previous expectations.
We also believe that the difficult economic and operating environment we anticipate in the Italian market will compound the challenges for MPS to implement successfully its business plan and mitigate the negative impact on its financial profile of certain risks arising from past decisions.
We are lowering our long- and short-term counterparty credit ratings on MPS to 'BB+/B' from 'BBB-/A-3', the ratings on its senior unsecured debt to 'BB+' from 'BBB-', and the ratings on its nondeferrable subordinated debt issues to 'B-' from 'BB-'.
We are placing the long-term counterparty credit rating, and the senior unsecured and nondeferrable debt ratings on CreditWatch with negative implications.
The negative CreditWatch listing mainly reflects the uncertainties we currently see about the extent to which the capital support provided by the government would likely cushion potential deterioration of MPS' financial profile.
NEW YORK (Standard & Poor's) Dec. 5, 2012--Standard & Poor's Ratings Services said today it lowered its long- and short-term counterparty credit ratings on Italy-based Banca Monte dei Paschi di Siena SpA (MPS) to 'BB+/B' from 'BBB-/A-3'. We also lowered our rating on MPS' Lower Tier II subordinated notes to 'B-' from 'BB-'. At the same time, we placed our long-term counterparty credit rating, as well as our senior unsecured and nondeferrable subordinated debt rating, on CreditWatch with negative implications.We have affirmed our 'CCC+' junior subordinated debt ratings and our 'CCC' preferred stock ratings. The downgrade reflects our view that the deteriorating trends at Banca Monte dei Paschi (MPS) make it unlikely that the bank would be able to restore its profitability, capital, and funding position in line with our previous expectations. In this context, we believe that the difficult economic and operating environment in the Italian market compounds the challenges that MPS faces in implementing successfully its business plan and in mitigating the negative impact on its financial profile of certain risks resulting from past decisions.MPS' financial profile has been negatively affected by a combination of lower revenues and higher cost of risk. These factors have contributed to the bank reporting €47.5 million of additional losses in the third quarter of 2012. Furthermore, the bank has requested €500 million in capital instruments from the government in addition to what the bank announced in June 2012.As a consequence of the deterioration in its financial profile and the tough economic and operating environment in Italy, MPS will likely face more difficulties than we previously anticipated in successfully implementing its business plan. In particular, we anticipate that the bank's operating profitability might continue to be squeezed in 2013, notwithstanding its planned cost-cutting efforts, by what we expect to be continued pressures on revenues and cost of risk. In addition, it is possible that the disposal of some noncore assets will take more time than anticipated by the bank. Given trends at MPS and the environment, we also think that the risk that the bank might not be able to proceed with the announced €1 billion capital increase in 2014 have increased. Therefore, in our view, it is unlikely that Standard & Poor's risk adjusted capital (RAC) ratio before diversification adjustments for MPS will be comfortably above 5% by the end of 2014 without support from the government. Furthermore, we consider MPS' quality of capital to be weakened by the significant amount of deferred tax assets that the bank carries in its books, accounting for about 49% of its total adjusted capital as of September 2012. We have, therefore, changed our assessment on capital and earnings to "weak" from "moderate" as our criteria define these terms.Furthermore, in our view, MPS' request for an additional €500 million in capital instruments indicates that it may continue to prove challenging for the bank to mitigate the negative financial impact of some of the risks built up by past strategic decisions if they were to materialize in the context of the negative economic environment. We understand the bank is requesting this amount in order to cushion the potential impact of the possible restructuring of the funding of some of its large long-dated government bond portfolio, and of some structured transactions. With the additional needs, MPS has raised the total amount of support requested from the government to €3.9 billion. We understand that €1.9 billion of the amount requested is intended to be used to redeem the same amount of Tremonti Bonds, which we include in our 2011 pro forma RAC ratio and which MPS has been unable to repay since the government subscribed them in 2009. We believe that the capital instruments to which the government will subscribe could possibly support an improvement of our assessment of MPS' capital and earnings to "moderate". We are therefore incorporating a one-notch rating uplift over MPS' stand-alone credit profile (SACP) to reflect short-term capital support. The negative CreditWatch listing mainly reflects the current uncertainties about the extent to which the capital support provided by the government will likely cushion potential deterioration of MPS' financial profile. We expect to resolve the CreditWatch placement once we have analyzed the characteristics of the capital instruments expected to be subscribed to by the government and determine the extent to which they meet our criteria to enable us to give them credit in our capital metrics. In the event that we consider the new capital instruments to have minimal equity content, we will assess the extent to which they may build a cushion that counterbalances some of the potential risks of further deterioration of MPS' financial profile.RELATED CRITERIA AND RESEARCHAll articles listed below are available on RatingsDirect on the Global Credit Portal, unless otherwise stated.Banks: Rating Methodology & Assumptions, Nov. 9, 2011
Group Rating Methodology And Assumptions, Nov. 9, 2011
Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011
Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011
Use Of CreditWatch And Outlooks, Sept. 14, 2009
Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow 7 (495) 783-4009.
Additional Contact:Financial Institutions Ratings Europe;
[email protected]
bosmeld
Forumer storico
ascot
Forumer attivo
tradata un paio di volte..., l'ho ripresa in area 77, quando tornerà ad 82.5-83 la rismolloquando c'arriva c'arriva... nel frattempo il titolo cedola....
Ultima modifica:
Topgun1976
Guest
braoinfinite Grazie Topgunper questo, aspetterò a kambiare la mia Giulietta
Daccordissimo,oltretutto le T1 sono salite del 5% e questa al palo..
Tobia
Forumer storico
quando c'arriva c'arriva... nel frattempo il titolo cedola....
io l'ho presa perchè è immeritatamente indietro...capisco le difficoltà di sns ma se vedo mps 5.6 a 97 mi cascano le braccia...e anche qualcos'altro
Tobia
Forumer storico
brao
Daccordissimo,oltretutto le T1 sono salite del 5% e questa al palo..
yeld superiore al 10%
che ci fai ancora in giro? ti pensavo sprofondato nella poltrona per seguire le vicende della gobba...okkio agli ucraini
claudioborghi
Twitter: @borghi_claudio
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