DBRS Assigns B (low) Rating to Banca Monte dei Paschi di Siena’s Subordinated Notes; Trend Stable

DBRS Ratings GmbH (DBRS) assigned a B (low) rating with Stable Trend to the Subordinated Notes issued by Banca Monte dei Paschi di Siena SpA (the Issuer or the Bank) under its EUR 50,000,000,000 Debt Issuance Programme. These include the EUR 300 million Fixed Rate Bullet Subordinated (Tier 2) Notes due 2029 (ISIN: XS2031926731) and the EUR 750 million Fixed Rate Reset Callable Subordinated Notes due 18 January 2028 (ISIN: XS1752894292).

The B (low) rating assigned to the Subordinated Notes is two notches below the Bank’s intrinsic assessment (IA) of B (high), in line with the Debt Obligations Framework set out in DBRS’s Global Banking Methodology (June 2019).

RATING DRIVERS
The rating is sensitive to any change in Banca Monte dei Paschi di Siena’s IA which is currently at B (high) 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 (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: Elisabeth Rudman, Managing Director, Head of European FIG - Global FIG
Initial Rating Date: January 18, 2013
Last Rating Date: June 19, 2019

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