Summary: DEPObank - Banca Depositaria Italiana S.p.A.

Lower-than-peers credit risk exposure. Sound liquidity profile. Limited funding needs. Lower-than-peers business diversification. High revenue concentration by client. Capitalization constrained by high dividend distribution. The stable outlook reflects balanced risks to our ratings on DEPObank - Banca Depositaria Italiana SpA over the next 12 months. In particular, we anticipate DEPObank's revenues to remain concentrated into niche sectors and few customers. We also expect the bank's risk profile will keep benefiting from more limited-than-domestic peers' exposure to credit risk, while the bank will likely preserve its current capitalization, with a risk-adjusted capital (RAC) ratio at around 5.6% over the forecast horizon. We could consider a downgrade if we believed DEPObank's combined capital and risk profiles had weakened. Although unlikely at this

...Capitalization constrained by high dividend distribution. Outlook: Stable The stable outlook reflects balanced risks to our ratings on DEPObank - Banca Depositaria Italiana SpA over the next 12 months. In particular, we anticipate DEPObank's revenues to remain concentrated into niche sectors and few customers. We also expect the bank's risk profile will keep benefiting from more limited-than-domestic peers' exposure to credit risk, while the bank will likely preserve its current capitalization, with a risk-adjusted capital (RAC) ratio at around 5.6% over the forecast horizon. We could consider a downgrade if we believed DEPObank's combined capital and risk profiles had weakened. Although unlikely at this stage, we could raise the ratings if we anticipated our forecast RAC could sustainably improve above the 7% threshold thanks to a stronger-than-expected internal capital generation, provided that the bank's risk profile has not deteriorated meaningfully....

Summary