DBRS Morningstar Discontinues Creval’s Ratings Following Merger with Crédit Agricole Italia

DBRS Ratings GmbH (DBRS Morningstar) discontinued all of the ratings of Credito Valtellinese SpA (Creval or the Bank) as a result of the merger of the Bank into Crédit Agricole Italia (CAI), a subsidiary of Crédit Agricole Group (CAG or the Group). At the same time, DBRS Morningstar Withdrew Creval’s Support Assessment of SA1. Following the merger, Creval has ceased to exist as a legal entity, and as a result, Crédit Agricole Italia has legally assumed all the assets and liabilities of Creval.

Creval’s Issuer Ratings were previously upgraded to A (high) / R-1 (middle) on April 29, 2021, following the acquisition by Crédit Agricole Italia.

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 (19 July 2021) https://www.dbrsmorningstar.com/research/381742/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.

The sources of information used for this rating include Company Documents, CAG Press Release about Offer Conclusion (April 23, 2021) and Creval 2021 Annual Report. 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: Arnaud Journois, Vice President - European Financial Institutions
Rating Committee Chair: Ross Abercromby - Managing Director - Global FIG
Initial Rating Date: February 7, 2013
Last Rating Date: September 13, 2021

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