DBRS Assigns Rating to BMPS EUR 4 billion Secs Gteed by the Italian Ministry of Economy and Finance

DBRS Ratings Limited (DBRS) has today assigned a rating of A (low) with a Negative trend to the EUR 4 billion (3.50% 20.03.2017 – ISIN: IT 0004804362) Notes (The Notes) issued by Banca Monte dei Paschi di Siena SpA (The Bank) and guaranteed by the Italian Ministry of Economy and Finance (The Guarantor).

The Notes issued by the Bank are unconditionally and irrevocably guaranteed by the Italian Ministry of Economy and Finance. The Republic of Italy is committed to ensuring the timely payment of principal and interest in the event that the Bank is not able to fulfill those obligations. Accordingly, the ratings of the Notes are equalized to those of the Republic of Italy and are subject to the maintenance of the Republic of Italy Long-Term Foreign and Local Currency ratings of A (low), Negative Trend.

The guarantee is regulated by the article n. 8 of the Decree n. 201, 06 December 2011 which was converted by the Law n. 214, 22 December 2011.

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

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations. Other methodologies used include the DBRS Criteria: Support Assessment for Banks and Banking Organisations. Both can be found on the DBRS website under Methodologies.

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

This is the first DBRS rating on this financial instrument.

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.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular 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: Roger Lister
Initial Rating Date: February 13, 2014
Most Recent Rating Update: February 13, 2014

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