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Banca Popolare di Sondrio
Regulatory Filings • Apr 2, 2020
4182_rpt_2020-04-02_7e43fc6b-d23c-40b7-a611-8898c4558a39.pdf
Regulatory Filings
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| Informazione Regolamentata n. 0051-11-2020 |
Data/Ora Ricezione 02 Aprile 2020 18:27:29 |
MTA | |
|---|---|---|---|
| Societa' | : | BANCA POPOLARE DI SONDRIO | |
| Identificativo Informazione Regolamentata |
: | 130146 | |
| Nome utilizzatore | : | BPOPSONN01 - ROVEDATTI | |
| Tipologia | : | 3.1 | |
| Data/Ora Ricezione | : | 02 Aprile 2020 18:27:29 | |
| Data/Ora Inizio Diffusione presunta |
: | 02 Aprile 2020 18:27:30 | |
| Oggetto | : | Rating | |
| Testo del comunicato |
Vedi allegato.
______________________________________________________________________________________________
Società cooperativa per azioni - fondata nel 1871 Sede sociale e direzione generale: I - 23100 Sondrio So - Piazza Garibaldi 16 Iscritta al Registro delle Imprese di Sondrio al n. 00053810149 Iscritta all'Albo delle Banche al n. 842 Capogruppo del Gruppo bancario Banca Popolare di Sondrio, iscritto all'Albo dei Gruppi bancari al n. 5696.0 Iscritta all'Albo delle Società Cooperative al n. A160536 Aderente al Fondo Interbancario di Tutela dei Depositi Codice fiscale e Partita IVA: 00053810149 Capitale Sociale € 1.360.157.331 - Riserve € € 983.893.092 (dati approvati dall'Assemblea dei soci del 27/4/2019)
COMUNICATO STAMPA
DBRS Morningstar conferma a Banca Popolare di Sondrio (BPS) il rating investment grade "BBB (low)" del merito di credito emittente a lungo termine. Il giudizio relativo al trend passa da stabile a negativo.
Si informa che, in data odierna, l'agenzia di rating DBRS Morningstar ha confermato il rating investment grade "BBB (low)" del merito di credito emittente a lungo termine di BPS. Anche tutti gli altri rating assegnati alla banca sono stati confermati. Il giudizio relativo al trend dei rating è passato da stabile a negativo, per tenere conto del deterioramento del quadro macroeconomico italiano dovuto all'epidemia di COVID-19.
Alla luce delle decisioni odierne la situazione aggiornata dei rating assegnati da DBRS Morningstar a Banca Popolare di Sondrio è la seguente:
| Tipo di rating | Rating | Trend | |
|---|---|---|---|
| Long-term Issuer Rating | BBB (low) | Negativo | |
| Short-term Issuer Rating | R-2 (middle) | Negativo | |
| Long-term Senior Debt | BBB (low) | Negativo | |
| Short-term Debt | R-2 (middle) | Negativo | |
| Long-term Deposits | BBB | Negativo | |
| Short-term Deposits | R-2 (high) | Negativo |
Si allega il comunicato stampa pubblicato da DBRS Morningstar.
______________________________________________________________________________________________
Sondrio, 2 aprile 2020
BANCA POPOLARE DI SONDRIO SCPA
CONTATTI SOCIETARI:
Investor Relations Dott. Michele Minelli 0342-528.745 [email protected] Relazioni esterne Rag. Paolo Lorenzini 0342-528.212 [email protected]
Indirizzo internet aziendale: www.popso.it
______________________________________________________________________________________________
Società cooperativa per azioni - fondata nel 1871 Sede sociale e direzione generale: I - 23100 Sondrio So - Piazza Garibaldi 16 Iscritta al Registro delle Imprese di Sondrio al n. 00053810149 Iscritta all'Albo delle Banche al n. 842 Capogruppo del Gruppo bancario Banca Popolare di Sondrio, iscritto all'Albo dei Gruppi bancari al n. 5696.0 Iscritta all'Albo delle Società Cooperative al n. A160536 Aderente al Fondo Interbancario di Tutela dei Depositi Codice fiscale e Partita IVA: 00053810149 Capitale Sociale € 1.360.157.331 - Riserve € € 983.893.092 (dati approvati dall'Assemblea dei soci del 27/4/2019)
PRESS RELEASE
DBRS Morningstar confirms Banca Popolare di Sondrio's investment grade rating "BBB (low)" of the Long-term Issuer Rating. The trend on the bank's rating has been revised to Negative from Stable.
It is hereby informed that today the credit rating agency DBRS Morningstar has confirmed the investment grade rating "BBB (low) of the bank's Long-term Issuer Rating. All the other ratings assigned to BPS by the agency have also been confirmed. The trend on the Group's ratings has been revised to Negative from Stable, reflecting the deterioration of Italy's macrocenomic enviroment due to the COVID-19 outbreak.
In light of today's decision the updated situation of the ratings assigned by DBRS Morningstar to Banca Popolare di Sondrio is the following:
| Rating type | Rating | Trend | |
|---|---|---|---|
| Long-term Issuer Rating | BBB (low) | Negative | |
| Short-term Issuer Rating | R-2 (middle) | Negative | |
| Long-term Senior Debt | BBB (low) | Negative | |
| Short-term Debt | R-2 (middle) | Negative | |
| Long-term Deposits | BBB | Negative | |
| Short-term Deposits | R-2 (high) | Negative |
Please find attached the document published by DBRS Morningstar.
______________________________________________________________________________________________
Sondrio, 2 April 2020
BANCA POPOLARE DI SONDRIO SCPA
COMPANY CONTACTS:
Investor Relations Dott. Michele Minelli 0342-528.745 [email protected] External Relations Rag. Paolo Lorenzini 0342-528.212 [email protected]
Company website: www.popso.it
The English translation is provided only for the benefit of the reader. In the case of discrepancies the Italian version will prevail.
PRESS RELEASE APRIL 02, 2020
DBRS Morningstar Conrms Banca Popolare di Sondrio at BBB (low), Trend Revised to Negative
BANKING ORGANIZATIONS
DBRS Ratings GmbH (DBRS Morningstar) conrmed the ratings of Banca Popolare di Sondrio S.C.p.A. (BPS or the Bank), including the Long-Term Issuer Rating of BBB (low) and the Short-Term Issuer rating of R-2 (middle). The Bank's Deposit ratings were conrmed at BBB/R-2 (high), one notch above the IA, reecting the legal framework in place in Italy which has full depositor preference in bank insolvency and resolution proceedings. The trend on the Group's long-term and short-term ratings has been revised to Negative from Stable. DBRS Morningstar has also maintained the Intrinsic Assessment (IA) of the Bank is BBB (low) and the Support Assessment is SA3. See a full list of ratings at the end of this press release.
KEY RATING CONSIDERATIONS
The rationale behind the change of trend to negative reects our view that the wide and growing scale of economic and market disruptions resulting from the coronavirus (Covid-19) pandemic will put additional pressure on the operating environment in Italy and most likely negatively affect revenues and asset quality for Italian banks. In particular, we expect higher loan loss provisions which will negatively affect the Banks' protability. Nevertheless, unprecedented support measures have been put in place by the Italian and European authorities as well as relaxed criteria from regulators, which, in our view, could help mitigate the negative impact of the crisis. However, should the crisis be prolonged, we estimate higher downward pressure on the ratings.
The conrmation of the Long-Term Issuer rating at BBB (low) reects the Bank's small national position but solid franchise in the region of Lombardy, especially in the province of Sondrio, with a long and proven track record and a robust retail funding base. However, Lombardy remains one of the most affected regions in Italy by the global coronavirus pandemic, which in our view could potentially pressure the Bank's franchise. BPS's ratings are underpinned by its modest but resilient track record on protability, which could however experience strain if the epidemic and subsequent lockdown are prolonged. The ratings also take into account the Bank's large, albeit reducing, stock of non-performing exposures (NPEs). We believe that the current situation could bring delays to the Bank's planned NPE reduction, which has lagged behind domestic peers, as well as increase pressure on the Bank's risk prole. In addition, this could also create additional challenges regarding the Bank's pending legal transformation into a joint stock company, expected by end-2020.
Nevertheless, the conrmation of the ratings also reects BPS's sound capital position that benets from ample capital buffers over the supervisory requirements. Ratings are also further underpinned the Bank's solid funding and liquidity position, with BPS diversifying its funding mix in view of upcoming MREL requirements, through inaugural issuances of Tier 2 instruments and Senior Debt in 2019. Whilst we do not see short-term downside risk on funding given the ECB's assistance, most notably TLTRO, we believe that smaller institutions like BPS could experience difculties in accessing wholesale funding markets. This is however mitigated by the fact that the Bank has relatively little funding through wholesale markets.
RATING DRIVERS
Any upgrade is unlikely in the short-term given the recent change of trend. However, the trend on the Long-Term ratings could revert to Stable if the Bank were able to demonstrate limited earnings and asset quality impact from the global coronavirus pandemic.
A downgrade would likely be driven by a signicant deterioration of the Bank's franchise and protability as a result of the global coronavirus pandemic and signicant challenges or delays in the Bank's planned NPE reductions.
ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.
The Grid Summary Grades for BPS are as follows: Franchise Strength –Good/Moderate; Earnings – Moderate/Weak; Risk Prole – Weak; Funding/Liquidity – Good/Moderate; Capitalisation – Moderate.
Notes:
All gures are in EUR unless otherwise noted.
The principal methodology is the Global Methodology for Rating Banks and Banking Organisations (11 June 2019) https:// www.dbrsmorningstar.com/research/346375/global-methodology-for-rating-banks-and-banking-organisations.
For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release:https://www.dbrsmorningstar.com/research/357883
The sources of information used for this rating include Company Documents, BPS 3Q 2019 Interim Report, BPS 2019 Press Release and S&P Global Market Intelligence. DBRS Morningstar considers the information available to it for the purposes of providing this rating to be of satisfactory quality.
DBRS Morningstar does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.
Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar's outlooks and ratings are under regular surveillance.
For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see:http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.
The sensitivity analysis of the relevant key rating assumptions can be found at: https://www.dbrsmorningstar.com/ research/359165
Ratings assigned by DBRS Ratings GmbH are subject to EU and U.S. regulations only.
Lead Analyst: Arnaud Journois, Vice President – Global Financial Institutions Group Rating Committee Chair: Elisabeth Rudman, Managing Director, Head of European FIG - Global FIG Initial Rating Date: November 18, 2019 Last Rating Date: November 18, 2019
DBRS Ratings GmbH Neue Mainzer Straße 75 Tel. +49 (69) 8088 3500 60311 Frankfurt am Main Deutschland Geschäftsführer: Detlef Scholz Amtsgericht Frankfurt am Main, HRB 110259
For more information on this credit or on this industry, visit www.dbrsmorningstar.com.
Ratings
Banca Popolare di Sondrio S.C.p.A.
| Date Issued | Debt Rated | Action | Rating | Trend | Issued |
|---|---|---|---|---|---|
| 02-Apr-20 | Long-Term Issuer Rating | Trend Change |
BBB (low) | Neg | EU |
| 02-Apr-20 | Short-Term Issuer Rating | Trend Change |
R-2 (middle) |
Neg | EU |
| 02-Apr-20 | Long-Term Deposits | Trend Change |
BBB | Neg | EU |
| 02-Apr-20 | Long-Term Senior Debt | Trend Change |
BBB (low) | Neg | EU |
| 02-Apr-20 | Short-Term Debt | Trend Change |
R-2 (middle) |
Neg | EU |
| 02-Apr-20 | Short-Term Deposits | Trend Change |
R-2 (high) | Neg | EU |
ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS. ADDITIONAL INFORMATION REGARDING DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES AND METHODOLOGIES, ARE AVAILABLE ON WWW.DBRS.COM.
Contacts
Arnaud Journois Vice President - European Financial Institutions +49 69 8088 3526 [email protected]
Elisabeth Rudman Managing Director, Head of European FIG - Global FIG +44 20 7855 6655 [email protected]
The DBRS group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO afliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO afliate); DBRS Ratings GmbH (Frankfurt, Germany)(CRA, NRSRO afliate, DRO afliate); and DBRS Ratings Limited (England and Wales)(CRA, NRSRO afliate, DRO afliate). Morningstar Credit Ratings, LLC is a NRSRO afliate of DBRS, Inc. For more information on regulatory registrations, recognitions and approvals of DBRS group of companies and Morningstar Credit Ratings, LLC, please see: http://www.dbrsmorningstar.com/research/highlights.pdf.
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