DBRS Assigns an Issuer Rating of A (low) to Intesa SanPaolo SpA with a Negative Trend

DBRS Ratings Limited (DBRS) has today assigned an Issuer rating of A (low) with a Negative trend to Intesa SanPaolo SpA which is consistent with the existing Long Term Debt and Deposit Ratings of A (low) assigned on 19 September 2013.

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

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organizations. 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. These can be found at: http://www.dbrs.com/about/methodologies.

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

The sources of information used for this rating include the issuer. 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 located 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.