September 17, 2012 / 12:06 PM / 5 years ago

TEXT-S&P summary: Banca Carige SpA

(The following statement was released by the rating agency)

Sept 17 -


Summary analysis -- Banca Carige SpA ------------------------------ 17-Sep-2012


CREDIT RATING: BB+/Negative/B Country: Italy

Primary SIC: Commercial banks,


Mult. CUSIP6: T0894A


Credit Rating History:

Local currency Foreign currency

03-Aug-2012 BB+/B BB+/B

10-Feb-2012 BBB-/A-3 BBB-/A-3

07-Dec-2011 BBB/A-2 BBB/A-2

18-Oct-2011 BBB+/A-2 BBB+/A-2


Ratings Score Snapshot

Issuer Credit Rating BB+/Negative/B


Anchor bbb

Business Position Adequate (0)

Capital and Earnings Weak (-2)

Risk Position Moderate (-1)

Funding and Liquidity Average

and Adequate (0)

Support +1

GRE Support 0

Group Support 0

Sovereign Support +1

Additional Factors 0

Major Rating Factors


-- Solid local franchise in Italy’s Liguria region.

-- Funding profile supported by sizable and stable customer deposit base.

-- Efficiency in line with peers.


-- Modest capitalization.

-- Weaker-than-peer financial flexibility.

-- Lower-than-system average coverage of problem assets.


Standard & Poor’s outlook on Italy-based Banca Carige SpA (Carige) is negative, reflecting the possibility of a downgrade if we were to lower our ratings on the Republic of Italy (unsolicited, BBB+/Negative/A-2) or we anticipate that a further deterioration in domestic economic and banking industry conditions could weaken Carige’s stand-alone credit profile (SACP).

We could revise the outlook to stable if we anticipate an improvement in economic and operating conditions for the Italian banking system, and a strengthening of Carige’s capital and earnings position, as well a pronounced easing of asset quality deterioration trends.

Related Criteria And Research

-- Banks: Rating Methodology And Assumptions, Nov. 9, 2011

-- Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011

-- Group Rating Methodology And Assumptions, Nov. 9, 2011

-- Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011

-- BICRA On Italy Maintained At Group ‘4’, Economic Risk Score Revised To ‘5’ On Increased Credit Risk For Italian Banks, Aug. 3, 2012

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below