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Fitch Publishes Monte dei Paschi's State-Guaranteed Note 'BBB+' Rating
February 25, 2014 / 6:01 PM / 4 years ago

Fitch Publishes Monte dei Paschi's State-Guaranteed Note 'BBB+' Rating

(The following statement was released by the rating agency) LONDON, February 25 (Fitch) Fitch Ratings has published Banca Monte dei Paschi di Siena's (MPS) EUR4bn Senior Unsecured State-Guaranteed Issue (IT0004804362) long-term rating of 'BBB+'. MPS's fixed-rate (3.5%) note was issued in March 2012, with an original maturity of five years. KEY RATING DRIVERS The issue's Long-term rating is based on the Republic of Italy's (Italy, BBB+/Negative Outlook) 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 holders of the issue 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 issue's Long-term rating is in line with Italy's Long-term Issuer Default Rating of 'BBB+'. RATING SENSITIVITIES The issue's 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 in the issue's Long-term rating. Contact: Primary Analyst Francesca Vasciminno Senior Director +39 02 87 90 87 225 Fitch Italia S.p.A. V.lo S. Maria alla Porta 1 20121 Milan Secondary Analyst Fabio Ianno Associate Director +44 20 3530 1232 Chairperson Artur Szeski Senior Director +48 22 338 6292 Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email: Additional information is available at Applicable Criteria, 'Global Financial Institutions Rating Criteria' dated at 31 January 2014 at Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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