DBRS Assigns Ratings to Banco BPM’s EUR 25 billion EMTN Programme

DBRS assigned ratings to Banco BPM SpA’s (Banco BPM or the Group) EUR 25 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). The rating is in line with Banco BPM’s Long-Term Issuer Rating and Long-Term Senior Debt Rating of BBB (low). Concurrently, DBRS assigned a Short-term Debt Rating of R-2 (middle). The trend on all ratings is Stable.

RATING DRIVERS
The ratings for the senior notes, issued under the EMTN Programme, are subject to the maintenance of Banco BPM’s Long-Term Issuer and Long-Term Senior Debt ratings of BBB (low), and Short-Term Issuer and Short-Term Debt ratings of R-2 (middle), all with Stable trend.

Notes:
All figures are in Euros unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (May 2017). This can be found at: http://www.dbrs.com/about/methodologies

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 to be 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 historical default rates published by the European Securities and Markets Authority (“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 and US regulations only.

Lead Analyst: Nicola De Caro, Vice President – Global FIG
Rating Committee Chair: Elisabeth Rudman, Managing Director, Head of EU FIG - Global FIG
Initial Rating Date: Jan 5, 2017
Most Recent Rating Update: Jul 14, 2017

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