...Support-Driven Ratings: Agos Ducato S.p.A.'s ratings are driven by support from its majority shareholder, CA Consumer Finance (CACF) and ultimately from Credit Agricole (CA). CACF holds a 61% stake in Agos and Italy is a strategically important country for CA. Banco BPM (not rated) owns the remaining 39% and historically provided pro rata support, but it may reduce its stake through an IPO or a put option underwritten by CACF (for 10% of Agos' shares, valid until July 2023). The Negative Outlook mirrors those on CA and CACF. IDR Notched Down Twice: The two-notch difference between the Long-Term Issuer Default Ratings (IDRs) of Agos and CACF reflects CACF's majority, but not full, ownership of Agos. It also reflects Fitch Ratings' view that Agos is a strategically important, but not a core, subsidiary in a strategically important country for the CA group. Rating above the Sovereign: Fitch rates Agos two notches above Italy's sovereign rating (BBB- /Stable). Agos has no direct exposure to...
