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Banca Popolare di Sondrio
Capital/Financing Update • Nov 20, 2019
4182_rpt_2019-11-20_b7b372bd-ebd7-433d-94b9-29ed37b2eeef.pdf
Capital/Financing Update
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| Informazione Regolamentata n. 0051-46-2019 |
Data/Ora Ricezione 20 Novembre 2019 18:33:15 |
MTA | |
|---|---|---|---|
| Societa' | : | BANCA POPOLARE DI SONDRIO | |
| Identificativo Informazione Regolamentata |
: | 125015 | |
| Nome utilizzatore | : BPOPSONN01 - ROVEDATTI |
||
| Tipologia | : | 3.1 | |
| Data/Ora Ricezione | : | 20 Novembre 2019 18:33:15 | |
| Data/Ora Inizio Diffusione presunta |
: | 20 Novembre 2019 18:33:16 | |
| 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
Scope Ratings pubblica il rating di Banca Popolare di Sondrio S.C.p.A.. Il merito di credito emittente viene valutato investment grade "BBB-", con outlook positivo.
Si informa che in data odierna l'agenzia di valutazione del credito Scope Ratings ha pubblicato il rating assegnato a Banca Popolare di Sondrio S.C.p.A.. Il rating emittente si attesta a "BBB-" con outlook positivo.
Si allega il comunicato stampa pubblicato da Scope Ratings.
Sondrio, 20 novembre 2019
BANCA POPOLARE DI SONDRIO SCPA
CONTATTI SOCIETARI:
Investor Relations Dott. Michele Minelli 0342-528.865 [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
Scope ratings publishes the rating on Banca Popolare di Sondrio S.C.p.A.. It has been given a issuer rating investment grade "BBB-" with positive outlook.
It is hereby made known that today the credit rating agency Scope ratings has published the rating assigned to Banca Popolare di Sondrio. The issuer rating is "BBB-" with positive outlook.
Please find attached the press release published by Scope ratings.
Sondrio, 20th of November 2019
BANCA POPOLARE DI SONDRIO SCPA
COMPANY CONTACTS:
Investor Relations Dott. Michele Minelli 0342-528.865 [email protected] Relazioni esterne Rag. Paolo Lorenzini 0342-528.212 [email protected]
Company website address: www.popso.it
The English translation is provided only for the convenience of the reader. In the case of discrepancies the Italian version will prevail.
Credit Rating Announcement 20 November 2019
Scope affirms and publishes BBB-/Positive rating on Banca Popolare di Sondrio
The BBB- issuer rating reflects Scope Ratings' assessment of the bank's focused regional franchise, solid capital position and resilient profitability. The Positive Outlook reflects Scope's expectation that the bank will accelerate derisking.
Rating action
Scope affirms and publishes its BBB-/Positive issuer rating on Banca Popolare di Sondrio SCpA (BPS).
Key rating drivers
The rating is based on BPS' focused franchise in the Italian region of Lombardy, one of the wealthiest areas in Europe. BPS is a medium-sized cooperative bank primarily operating in Milan and other provinces in Lombardy. The bank also has activities in Rome and a more marginal presence in several other northern Italian regions. BPS is the parent company of the BPS group, which includes a small bank in Switzerland (BPS Suisse), Banca della Nuova Terra and Factorit, a factoring joint venture with Banco BPM.
Like other Italian banks, BPS saw a material deterioration in asset quality during the crisis, though ratios have more recently started to improve. BPS' asset quality has recovered more slowly compared to the sector's, but derisking will accelerate thanks to the sale of EUR 1bn in NPLs, planned for the beginning of 2020. This amount represents almost a quarter of the bank's total stock of NPEs. Once completed, such a sale would allow BPS to significantly reduce its NPE ratio, from the current 13% to c. 10%, addressing what Scope sees as a key weakness of the bank.
The bank's capital ratios improved significantly in the first nine months of 2019, supported in part by the adoption of advanced internal-ratings-based models for credit risk. At the end of Q3 2019, BPS reported a CET1 ratio of 15.9% and a total capital ratio of 18.7%. These levels are materially above the 2019 SREP requirements of 9.25% for CET1 and 12.75% for total capital. The ample headroom to requirements allows BPS strategic flexibility to further accelerate derisking if needed.
BPS' profitability is low but resilient, hovering around the mid-single-digit range. The bank maintained a solid earnings track record during the crisis and has displayed an ability to absorb bad-loan provisions through operating profitability.
Outlook and rating-change drivers
The Positive Outlook is based on Scope's expectation that BPS will accelerate the derisking of its balance sheet. The NPE ratio decline, which had been slow in previous years, has already been accelerating in recent quarters, from 14.75% at the end of 2018 to 13.03% in September. This level remains high compared to that of both national and international peers. A further improvement in asset quality could result in an upward rating revision.
Scope flags that a material worsening in BPS' operating performance would be negative for the rating. Another key negative rating-change driver would be a rekindling of speculation about Italy's exit from the European Monetary Union. Such an event, which Scope sees as extremely unlikely, could result in a multiple-notch downgrade for BPS, as well as for other Italian banks.
Stress testing & cash flow analysis
No stress testing was performed. No cash flow analysis was performed.
Methodology
The methodology used for this rating and/or rating outlook Bank Rating Methodology is available on www.scoperatings.com.
Historical default rates of the entities rated by Scope Ratings can be viewed in the rating performance report on https://www.scoperatings.com/#governance-and-policies/regulatory-ESMA. Please also refer to the central platform (CEREP) of the European Securities and Markets Authority (ESMA): http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. A comprehensive clarification of Scope's definition of default as well as definitions of rating notations can be found in Scope's public credit rating methodologies on www.scoperatings.com.
The rating outlook indicates the most likely direction of the rating if the rating were to change within the next 12 to 18 months.
Solicitation, key sources and quality of information
The rated entity and/or its agents participated in the rating process.
The following substantially material sources of information were used to prepare the credit rating: public domain, the rated entity and third parties.
Scope considers the quality of information available to Scope on the rated entity or instrument to be satisfactory. The information and data supporting Scope's ratings originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data.
Prior to the issuance of the rating or outlook action, the rated entity was given the opportunity to review the rating and/or outlook and the principal grounds on which the credit rating and/or outlook is based. Following that review, the rating was not amended before being issued.
Regulatory disclosures
This credit rating and/or rating outlook is issued by Scope Ratings GmbH.
Lead analyst Marco Troiano, Executive Director
Person responsible for approval of the rating: Dierk Brandenburg, Managing Director
The rating/outlook was first released by Scope on 10 September 2018. The rating/outlook was last updated on 16 September 2019.
Potential conflicts
Please see www.scoperatings.com for a list of potential conflicts of interest related to the issuance of credit ratings.
Conditions of use / exclusion of liability
© 2019 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Analysis GmbH, Scope Investor Services GmbH and Scope Risk Solutions GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope's ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data. Scope's ratings, rating reports, rating opinions, or related research and credit opinions are provided 'as is' without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or other damages, expenses of any kind, or losses arising from any use of Scope's ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party as, opinions on relative credit risk and not a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope's credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings GmbH at Lennéstraße 5 D-10785 Berlin.
Scope Ratings GmbH, Lennéstraße 5, 10785 Berlin, District Court for Berlin (Charlottenburg) HRB 192993 B, Managing Directors: Torsten Hinrichs and Guillaume Jolivet.
About Scope Ratings GmbH
Scope Ratings GmbH is part of the Scope Group with headquarters in Berlin and offices in Frankfurt, London, Madrid, Milan, Oslo and Paris. As the leading European credit rating agency, the company specialises in the analysis and ratings of financial institutions, corporates, structured finance, project finance and public finance. Scope Ratings offers a credit risk analysis that is opinion-driven, forward-looking and non-mechanistic, an approach which adds to a greater diversity of opinions for institutional investors. Scope Ratings is a credit rating agency registered in accordance with the EU rating regulation and operating in the European Union with ECAI status.
Contact
Analyst Team leader Marco Troiano Dierk Brandenburg [email protected] [email protected]
Scope Ratings GmbH • Lennéstraße 5 • D-10785 Berlin • Phone: +49 30 27891-0 • Fax: +49 30 27891-0
Executive Board: Torsten Hinrichs, Guillaume Jolivet • District Court: Berlin: HRB 192993 B • VAT identification number: DE226486027
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