DBRS Assigns BB Rating to Banca Sella’s EUR 50 million Subordinated Notes

DBRS Ratings GmbH (DBRS) assigned a BB rating with Stable Trend to the EUR 50 million Subordinated Notes issued by Banca Sella SpA (the Issuer or the Bank), in the form of Tier 2 instruments (ISIN XS2030489632) 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 Methodology for Rating Banks and Banking Organisations (June 2019).

RATING DRIVERS
Any positive change in the Bank’s Intrinsic Assessment would have positive implications for the rating. Similarly, any negative change in the Bank’s Intrinsic Assessment would have negative implications for the rating.

Notes:
All figures are in Euros unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (June 2019). 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 GmbH are subject to EU and US regulations only.

Lead Analyst: Nicola De Caro, Senior Vice President - Global FIG
Rating Committee Chair: Ross Abercromby, Managing Director - Global FIG
Initial Rating Date: May 15, 2015
Last Rating Date: May 14, 2019

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