DBRS Morningstar Discontinues Carige’s State Guaranteed Notes (IT0005359176) Following Repayment

DBRS Ratings GmbH (DBRS Morningstar) discontinued the R-1 (low) rating on the EUR 1 billion State Guaranteed Notes (ISIN IT0005359176) issued by Banca Carige S.p.A., following their repayment.

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). Other applicable methodologies include the DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 2020). These can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include Company Documents and the Ministry of Economy and Finance (MEF). DBRS Morningstar considers the information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS Morningstar 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 Morningstar's outlooks and ratings are under regular surveillance

For further information on DBRS Morningstar 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: Arnaud Journois, Vice President – Global Financial Institutions Group
Rating Committee Chair: Elisabeth Rudman - Managing Director, Head of European FIG - Global Financial Institutions Group
Initial Rating Date: January 25, 2019
Last Rating Date: November 20, 2019

DBRS Ratings GmbH
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60311 Frankfurt am Main Deutschland
Geschäftsführer: Detlef Scholz
Amtsgericht Frankfurt am Main, HRB 110259

For more information on this credit or on this industry, visit www.dbrs.com