DBRS Assigns Ratings to Intesa Sanpaolo ECP Programme of R-1 (low), Stable Trend

DBRS Ratings Limited (DBRS) has today assigned a Short-Term Debt and Deposits rating of R-1 (low) with a Stable trend to the commercial paper and certificates of deposit issued under the April 2015 updated EUR 30 billion ECP Programme (the Programme) guaranteed by Intesa Sanpaolo S.p.A. and issued by subsidiaries Intesa Sanpaolo Bank Ireland plc and Société Européenne de Banque S.A.

The commercial paper and certificates of deposit are unconditionally and irrevocably guaranteed by Intesa Sanpaolo S.p.A. Accordingly, ratings for the issuance under the Programme are equalized to those of the parent and are subject to the maintenance of Intesa Sanpaolo’s Short-Term Debt and Deposits rating of R-1 (low).

Notes:
All figures are in EUR unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (June 2014). Other applicable methodologies include the DBRS Criteria: Support Assessments for Banks and Banking Organisations (March 2015) and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2015).These can be found can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include SNL Financial and 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.

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: September 19, 2013
Most Recent Rating Update: April 2, 2015

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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

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