DBRS Confirms Intesa’s State Guaranteed Notes at BBB (high) after Sovereign Rating Action

DBRS Ratings Limited (DBRS) confirmed the ratings of Intesa Sanpaolo SpA’s (Intesa or the Bank) State Guaranteed Notes (ISINs IT0005238859, IT0005239527, IT0005239535, IT0005247645, IT0005250185, IT0005257768, or the Notes) at BBB (high), with a Stable trend. The Notes were acquired by Intesa from Banca Popolare di Vicenza SpA and Veneto Banca SpA, as announced on June 26, 2017.

Today’s rating action follows DBRS’ confirmation of Italy’s Sovereign rating at BBB (high), with a Stable trend, on January 12, 2018. The Notes are unconditionally and irrevocably guaranteed by the Italian State, therefore the ratings on these Notes are equalized with DBRS’ ratings on the Republic of Italy.

RATING DRIVERS
Given the guarantee, the ratings on the State Guaranteed Notes will move in line with the ratings of the Republic of Italy.

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). Other applicable methodologies include the DBRS Criteria: Guarantees and Other Forms of Support (February 2017). This can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include company reports and the Ministry of Economy and Finance (MEF). 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: September 13, 2013
Most Recent Rating Update: July 19, 2017

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