Bulletin: Italy-Based Iccrea Ratings And Outlook Unaffected By Application To Set Up Cooperative Banking Group

MILAN (S&P Global Ratings) May 7, 2018--S&P Global Ratings said today that its ratings and outlook on Iccrea Banca SpA (BB/Stable/B) and Iccrea BancaImpresa SpA (BB/Stable/B) are unaffected by Iccrea group's decision to submit a request to the regulator to form a single cooperative banking group in line with the deadline set on May 2, 2018. The new group would be named Iccrea Cooperative Banking Group and would comprise Iccrea Banking Group together with 145 small cooperative banks (Banche di Credito Cooperativo, or BCCs). Iccrea group expects the new group to be set up on Jan. 1, 2019, with about €11.5 billion of total equity, €150 billion of assets, and about 2,600 branches. We already base our rating on our

...MILAN (S&P Global Ratings) May 7, 2018--S&P Global Ratings said today that its ratings and outlook on Iccrea Banca SpA (##/Stable/B) and Iccrea BancaImpresa SpA (##/Stable/B) are unaffected by Iccrea group's decision to submit a request to the regulator to form a single cooperative banking group in line with the deadline set on May 2, 2018. The new group would be named Iccrea Cooperative Banking Group and would comprise Iccrea Banking Group together with 145 small cooperative banks (Banche di Credito Cooperativo, or BCCs). Iccrea group expects the new group to be set up on Jan. 1, 2019, with about 11.5 billion of total equity, 150 billion of assets, and about 2,600 branches. We already base our rating on our view of the group credit profile (GCP) of Iccrea Cooperative Banking Group. The GCP is our opinion of a group's creditworthiness as if the group were a single legal entity. As the holding company, Iccrea Banca SpA would assume the strategic direction of the participating BCCs and coordinate...

Bulletin