Moody's withdraws Banca delle Marche S.p.A.'s ratings
Global Credit Research - 31 Oct 2013
London, 31 October 2013 -- Moody's has today withdrawn all Banca delle Marche S.p.A. (Banca Marche)'s ratings, because it believes it has insufficient or otherwise inadequate information to maintain the ratings.
At the time of withdrawal, Banca Marche's ratings were as follows:
- Bank Financial Strength: E
- Standalone Baseline Credit Assessment: ca
- Bank Deposits: Caa1 on review for downgrade / Not-Prime
- Senior Unsecured: Caa1 on review for downgrade
- Senior Unsecured MTN: (P)Caa1 on review for downgrade
- Subordinate: C
- Subordinate MTN: (P)C
- Tier II Debt MTN: (P)C
- Junior Subordinate MTN: (P)C
- Backed Senior Unsecured, originally issued by Mediocredito Fondiario Centro Italia S.p.A.: Caa1 on review for downgrade
RATIONALE FOR THE WITHDRAWAL
Moody's said it withdrew Banca Marche's ratings because it will not be able to obtain any information from the bank in the coming months. Banca Marche is currently under the administration of the Bank of Italy; during the administrations, which last one year and can also be extended further, banks do not release any financial information to the public.
On 25 October the Bank of Italy removed Banca Marche's board of directors and board of statutory auditors, and put the bank under the administration of commissioners appointed by the regulator. The Bank of Italy's decision follows two months in which Banca Marche was under temporary administration. The temporary administration was triggered by the publication of the bank's semi-annual results, which showed a total capital ratio below regulatory minimum.
Moody's has withdrawn the rating because it believes it has insufficient or otherwise inadequate information to support the maintenance of the rating. Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website,
www.moodys.com.