San Marino - Credit Update - 2009/10/28 - Fitch Research

Report title: San Marino

from Fitch Research
1 page (881 word) report published Oct 28, 2009

Price $165.00 available for immediate download

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...Fitch Ratings downgraded San Marino's ForeignCurrency LongTerm Issuer Default Rating (IDR) by two notches to `A' on 22 October 2009. The agency also removed the LongTerm IDR from Rating Watch Negative (RWN) and assigned it a Negative Outlook. The downgrade reflects ongoing uncertainty about the difficulties faced by Cassa di Risparmio della Repubblica di San Marino (CRSM; LongTerm IDR `BBB+'/RWN), the country's largest bank, which has close ties to the state, and its potential implications for the public finances and financial stability. It also reflects the risk of negative implications for public finances and economic growth from the challenge to San Marino's business model resulting from reputational damage caused by developments at CRSM, together with the erosion of banking secrecy, initiated by the G20, and prospective deposit outflows as a result of an Italian tax amnesty....

Report Type:

Credit Update

Company(ies):

Government of San Marino

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Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.

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