DBRS Morningstar Discontinues UBI’s Ratings Following Merger with Intesa Sanpaolo

DBRS Ratings GmbH (DBRS Morningstar) Discontinued Unione di Banche Italiane SpA’s (UBI or the Bank) ratings as a result of the merger of the Bank into Intesa Sanpaolo SpA (ISP). At the same time, DBRS Morningstar Withdrew UBI’s Support Assessment of SA1. Following the merger, UBI has ceased to exist as a legal entity, and as a result, Intesa Sanpaolo has legally assumed all the assets and liabilities of UBI.

The outstanding ratings on UBI’s Long-Term Senior Debt (XS1699951767, XS1971908501, XS1979446843, XS2008049533, XS2019984330, XS2031235315, XS2051776552, XS2066574059, XS2067174750, XS2075861612, XS2091574975, XS2096651828, XS2110833014, XS2110954232), Senior Non-Preferred (XS1807182495, XS2015314037, XS2067213913), and Subordinated Debt instruments (XS1404902535, XS1580469895, XS1958656552, XS2026295126), which have been assumed by Intesa Sanpaolo, can now be found under the Issuer page of Intesa Sanpaolo SpA on DBRSMorningstar.com. UBI’s ratings were upgraded to the same level as Intesa Sanpaolo on 7 August 2020, following the acquisition by ISP.

ESG CONSIDERATIONS

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
All figures are in EUR unless otherwise noted.

The principal methodology is the Global Methodology for Rating Banks and Banking Organisations (8 June 2020) https://www.dbrsmorningstar.com/research/362170/global-methodology-for-rating-banks-and-banking-organisations.
Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (3 February 2021) https://www.dbrsmorningstar.com/research/373262/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

The sources of information used for this rating include the Merger Deed between Intesa Sanpaolo and UBI. 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 12-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. DBRS Morningstar understands further information on DBRS Morningstar historical default rates may be published by the Financial Conduct Authority (FCA) on its webpage: https://www.fca.org.uk/firms/credit-rating-agencies.

This rating is endorsed by DBRS Ratings Limited for use in the United Kingdom.

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: November 25, 2015
Last Rating Date: August 7, 2020

DBRS Ratings GmbH
Neue Mainzer Straße 75
Tel. +49 (69) 8088 3500
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.dbrsmorningstar.com.