DBRS Assigns Ratings to the Intesa SanPaolo EUR 70 billion EMTN Programme

DBRS Ratings Limited (DBRS) has today assigned a rating of A (low) with a Negative trend to the Senior Unsecured Notes (the Notes) issued by Intesa SanPaolo SpA (the Guarantor), Intesa SanPaolo Bank Ireland p.l.c. (INSPIRE) and Société Européenne de Banque S.A. (SEB) under the EUR 70 billion Euro Medium Term Note Programme (EMTN Programme). The rating action also assigns a rating of R-1 (low) with a Stable trend to the Short-Term Instruments issued under the programme.

The notes issued by INSPIRE and SEB under the EMTN Programme are unconditionally and
irrevocably guaranteed by Intesa SanPaolo SpA and rank equally (subject to any obligation preferred by any applicable law) with all other unsecured and unsubordinated indebtedness and monetary obligations (including deposits) of the Guarantor (present and future). Accordingly, the ratings of the Notes are equalised to those of Intesa SanPaolo SpA and are subject to the maintenance of Intesa SanPaolo SpA’s Senior Long-Term Debt and Deposit Rating of A (low).

Notes:
All figures in Euros (EUR) unless otherwise noted.

The principal applicable methodology applicable is the Global Methodology for Rating Banks and Banking Organisations. Other methodologies used include the DBRS Criteria – Intrinsic and Support Assessments, Rating Bank Preferred Shares & Equivalent Hybrids, and Rating Bank Subordinated Debt & Hybrid instruments with Discretionary Payments. The rating methodologies can be found at: http://www.dbrs.com/about/methodologies.

[Amended July 7, 2014 to reflect the actual methodologies used.]

The sources of information used for this rating include company documents. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

The conditions that lead to the assignment of a Negative or Positive Trend are generally resolved within a twelve month period. DBRS’s trends and ratings are constantly under surveillance.

For further information on DBRS’ historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Peter Burbank
Rating Committee Chair: Alan G. Reid
Initial Rating Date: September 19, 2013
Most Recent Rating Update: September 19, 2013

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For additional information on this rating, please refer to the linking document at: http://www.dbrs.com/research/236983/banks-and-banking-organisations-linking-document.pdf

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.