Bulletin: CreditWatch Developing On Italy-Based DEPObank Maintained Pending Business And Financial Information

MILAN (S&P Global Ratings) July 30, 2018--S&P Global Ratings said today that it is maintaining on CreditWatch developing its long-term rating on DEPObank – Banca Depositaria Italiana S.p.A. (BB-/Watch Dev/B). DEPObank (formerly named Nexi SpA) completed the carve-out of all its payment activities on July 2, 2018. The bank is now carrying out transaction settlement activities that require a banking license, as well as other banking activities such as securities services. This reorganization is likely to significantly change DEPObank's business and financial profiles. At this stage, however, we are still unable to assess the effect it might have on the bank's creditworthiness given the lack of some important pieces of business and financial information on the entity's new perimeter. As

...MILAN (S&P Global Ratings) July 30, 2018--S&P Global Ratings said today that it is maintaining on CreditWatch developing its long-term rating on DEPObank ¡ Banca Depositaria Italiana S.p.A. (##-/Watch Dev/B). DEPObank (formerly named Nexi SpA) completed the carve-out of all its payment activities on July 2, 2018. The bank is now carrying out transaction settlement activities that require a banking license, as well as other banking activities such as securities services. This reorganization is likely to significantly change DEPObank's business and financial profiles. At this stage, however, we are still unable to assess the effect it might have on the bank's creditworthiness given the lack of some important pieces of business and financial information on the entity's new perimeter. As we communicated previously, we could affirm, raise, or lower our long-term '##-' rating on DEPObank after we review the new structure and its effect on the bank's business and financial risk profiles. We expect...

Bulletin