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Article: S&P rates Istituto Bancario San Paolo di Torino notes 'AA.' (Standard and Poor's CreditWire)
- Article from:
- PR Newswire
- Article date:
- December 20, 1989
CopyrightCOPYRIGHT 1989 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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-- S&P CREDITWIRE -- S&P RATES ISTITUTO BANCARIO SAN PAOLO
DI TORINO NOTES 'AA'
NEW YORK, Dec. 20 /PRNewswire/ -- S&P assigns a 'AA' rating to the $1.0 billion medium-term deposit note program of the Los Angeles branch of Istituto Bancario San Paolo di Torino (San Paolo).
The rating is based upon the bank's sound operating performance, good asset quality, and position as one of Italy's public law banks.
Despite rapid domestic and international growth in recent years and declining securities income, San Paolo's profitability is among the strongest of any Italian bank. Building from a strong core of middle market ...