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Bulletin: Italy's UBI Banca Scpa Ratings Unchanged By Proposed Exchange Offers On Various Hybrid And Subordinated Debt Instruments

Published Apr 16, 2009

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Abstract:

MILAN (Standard&Poor's) April 16, 2009--Standard&Poor's Ratings Services today said that it views Unione di Banche Italiane Scpa's (UBI Banca; A/Stable/A-1) proposed exchange offers on all its outstanding Tier 1 perpetual subordinated hybrid capital instruments (Tier 1 instruments), as well as various lower Tier 2 subordinated debt instruments (Tier 2 instruments) as opportunistic. As such, under our criteria the exchange offers for the instruments would not constitute a "distressed exchange." Neither the counterparty credit ratings on UBI Banca, nor the ratings on the Tier 1 and Tier 2 instruments are affected by the exchange offers. UBI Banca has announced that it proposes to make exchange offers for three series of Tier 1 instruments with an aggregate nominal

Report Type:

Bulletin

Ticker

BPU@IM

Issuer

UBI Banca SpA

GICS

Diversified Banks (40101010)

Sector

Global Issuers, Structured Finance

Country

Italy

Region

United States

Format:

HTML

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Bulletin: Italy's UBI Banca Scpa Ratings Unchanged By Proposed Exchange Offers On Various Hybrid And Subordinated Debt Instruments" Apr 16, 2009. Alacra Store. May 19, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Italy-s-UBI-Banca-Scpa-Ratings-Unchanged-By-Proposed-Exchange-Offers-On-Various-Hybrid-And-Subordinated-Debt-Instruments-716028>

APA:	S&P Global Ratings’ Credit Research. (). Bulletin: Italy's UBI Banca Scpa Ratings Unchanged By Proposed Exchange Offers On Various Hybrid And Subordinated Debt Instruments Apr 16, 2009. New York, NY: Alacra Store. Retrieved May 19, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Italy-s-UBI-Banca-Scpa-Ratings-Unchanged-By-Proposed-Exchange-Offers-On-Various-Hybrid-And-Subordinated-Debt-Instruments-716028>

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