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DBRS Ratings Limited Initiates Rating Coverage on Banca Monte dei Paschi di Siena SpA


Friday, 18 Jan 2013 06:04am EST 

Banca Monte dei Paschi di Siena SpA (MPS) announced that DBRS Ratings Limited (DBRS) initiated rating coverage and assigned new ratings to Banca Monte dei Paschi di Siena SpA. The ratings are of investment grade and include a Senior Long-Term Debt and Deposit Rating of BBB with a Negative Trend, as well as a Short-Term Debt and Deposit Rating of R-2 (mid) with a Stable Trend. Banca Monte dei Paschi di Siena SpA also announced that, as part of the rating's motivations, DBRS recognizes the resilience of MPS’s customer franchise, as well as the improvements being implemented by management and that DBRS views positively MPS’s re-launched strategic plan which emphasizes improving performance, liquidity and capitalization. Among the points of weakness DBRS primarily mentions the downside risks to economic growth in Italy and the direct challenges the difficult environment poses for the Bank.