come ha segnalato giustamente TOP, BFCM T1 floater rating BBB- ....senior A rating... tutti i floater stanno sui 76 circa.. deve stare anche lei in quest'area.
moody su bcfm
Senior Unsecured -Fgn Curr Aa3
Senior Unsecured -Dom Curr Aa3
The CM11-CIC group's high capital adequacy results in a solid loss absorption capacity
- BFCM has a low risk profile, despite our expectation of an increase in cost of risk on domestic exposures and material exposure to the Italian government.
WE EXPECT THAT BFCM'S SOLID DOMESTIC ACTIVITIES WILL CONTINUE TO GENERATE RESILIENT
EARNINGS, ALTHOUGH PROFITABILITY IS LIKELY TO REMAIN UNDER PRESSURE IN THE CURRENT
ENVIRONMENT
The BFCM group's strong domestic retail-oriented franchise as well as that of the CM11-CIC group (*) is credit
positive as it enables the institution to deliver resilient earnings. However, the economic environment remains
challenging and will constrain BFCM's profitability in the short to medium term.
BFCM does not pursue any commercial activity on its own. Instead, its franchise is made up of that of its
subsidiaries, chiefly CIC and its insurance business GACM. CIC has a solid franchise in the domestic retail, SME
and corporate sectors and has market shares of approximately 7% for both domestic home loans and deposits.
CIC's insurance arm also has a strong franchise, and has a leading position in non-life and life insurance,
domestically. Retail banking and insurance activities account for the vast majority of the BFCM group's net profit
and provide the group with predictable earnings through the cycle.
The CM11-CIC group's high capital adequacy results in a solid loss absorption capacity