DBRS Assigns Senior Unsecured Ratings to Creval’s EMTN programme

DBRS Ratings Limited (DBRS) has today assigned ratings to Credito Valtellinese S.c.’s (Creval or the Bank) EUR 5 billion Euro Medium Term Note Programme (the programme). Senior unsecured notes with a maturity of over one year, issued under the programme, will be rated BBB (low), with Negative trend. The rating is in line with Creval’s Senior Long-Term Debt and Deposits Rating of BBB (low). Concurrently, DBRS assigned a short-term debt rating of R-2 (low), also with a Negative trend.

The ratings for the notes, issued under the programme, are subject to the maintenance of Creval’s Senior Long-Term Debt and Deposits Rating of BBB (low), and Short-Term Debt and Deposits Rating of R-2 (low). The trend on the ratings is Negative.

Notes:
All figures are in EUR unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (December 2015). Other applicable methodologies include the DBRS Criteria: Support Assessments for Banks and Banking Organisations (March 2016) and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2016). These can be found can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include Company’s reports and SNL Financial. 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: Nicola De Caro
Rating Committee Chair: Elisabeth Rudman
Initial Rating Date: April 08, 2016
Most Recent Rating Update: June 18, 2015

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