(Repeat for additional subscribers)
May 30 (The following statement was released by the rating agency)
Fitch Ratings has assigned Veneto Banca's EUR300m senior unsecured state-guaranteed notes
(IT0004807167) a 'BBB+' Long-term rating. The fixed-rate (5%) note was issued in March 2012,
with an original maturity of five years.
KEY RATING DRIVERS
The notes' Long-term rating is based on the Republic of Italy's (BBB+/Stable)
direct, unconditional and irrevocable guarantee for the issue, which covers
payments of both principal and interests. Italy's guarantee was issued by the
Ministry of Economy and Finance under Law Decree 6 December 2011, n.201,
subsequently converted into Law 22 December 2011, n. 214.
The rating reflects Fitch's expectation that Italy will honour the guarantee
provided to the noteholders in a full and timely manner. The state guarantee
ranks pari passu with Italy's other unsecured and unguaranteed senior
obligations. As a result, the notes' Long-term rating is in line with Italy's
'BBB+' Long-term Issuer Default Rating.
The notes' Long-term rating is sensitive to changes in Italy's Long-term IDR.
Any downgrade or upgrade of Italy's Long-term IDR would be reflected on the
notes' Long-term rating.