...June 15, 2022 MILAN (S&P Global Ratings) June 15, 2022--S&P Global Ratings today assigned its 'B+' issue credit rating to the senior nonpreferred notes that Iccrea Banca issued under its 3 billion debt issuance program, according to current terms and conditions. In our view, holders of senior nonpreferred notes face a higher default risk than holders of senior preferred notes and other senior liabilities, since the former would be bailed in before more senior debt in the event of a resolution. The issue rating is therefore two notches below Gruppo Bancario Cooperativo's '##' group credit profile (GCP), as per our standard notching for speculative-grade ('##+' and below) entities issuing an instrument contractually or statutorily subordinated to preferred senior unsecured debt. A GCP is our opinion of a group's creditworthiness as if it were a single legal entity. It is not a rating but a component contributing to the determination of issuer credit ratings (ICRs) on group members. We therefore...
