DBRS Assigns BB Rating to BPAA’s EUR 100 million Tier 2 Subordinated Notes

DBRS Ratings Limited (DBRS) assigned a BB rating, with a Negative Trend, to the EUR 100 million Subordinated Notes to be issued on October 6, 2017, by Banca Popolare dell’Alto Adige S.p.A, (BPAA or the Bank), in the form of Tier 2 instruments (XS1694763142), under its EUR 1,000,000,000 Euro Medium Term Note Programme (EMTN Programme).

The BB rating assigned to the Subordinated Notes is two notches below the Bank’s intrinsic assessment (IA) of BBB (low), in line with the Debt Obligations Framework set out in DBRS’s Global Banking Methodology (May 2017).

RATING DRIVERS
The rating is sensitive to any change in BPAA’s IA which is currently at BBB (low).

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: Ross Abercromby, Senior Vice President – Global FIG
Initial Rating Date: Feb 18, 2014
Most Recent Rating Update: Jul 14, 2017

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