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DBRS starts coverage of Monte Paschi with BBB rating
January 18, 2013 / 11:15 AM / 5 years ago

DBRS starts coverage of Monte Paschi with BBB rating

MILAN, Jan 18 (Reuters) - Rating agency DBRS has started coverage of Italy’s third biggest lender, Banca Monte dei Paschi di Siena, with a BBB rating, the lender said on Friday.

The outlook is negative.

The agency said that despite Monte dei Paschi’s sound national network and a solid turnaround plan being implemented by its management, the rating reflected significant difficulties due to “poor earnings, weak asset quality and a challenged capital and funding profile.”

Reporting By Silvia Aloisi

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