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Article: MOODY'S UPGRADES CARIROMAGNA TO A1 FOLLOWING ACQUISITION BY INTESA SANPAOLO
- Article from:
- Info-Prod Research (Middle East)
- Article date:
- November 27, 2007
CopyrightCopyright 2007 Info-Prod Research (Middle East). Provided by ProQuest LLC. (Hide copyright information)
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Moody's Investors Service today upgraded thelong-term deposit
rating of Cassa dei Risparmi di Forli e della Romagna(Cariromagna)
to A1 from A3 and changed the outlook to stable frompositive. The
bank's C- bank financial strength rating (BFSR) and Prime-1short-
term deposit rating, are unaffected by this rating action, and
allratings now have a stable outlook. The rating action follows the
recentincrease in Intesa SanPaolo's (rated Aa2/B-/P-1) stake in the
bank to 61%from 38%. Moody's assigned a positive outlook to
Cariromagna's deposit ratings inFebruary 2006, recognising the
likely acquisition of control by IntesaSanPaolo as well as the long
timeframe of the transaction. As part of ...