Ratings

Rating of Banca Popolare di Sondrio, released by Fitch Ratings (2016/2022)

[1] Rating withdrawn on 27 July 2022 following the new methodology introduced by Fitch in November 2021.
[2] Rating assigned for the first time on 27 July 2022 following the new methodology introduced by Fitch in November 2021.
[3] Rating assigned for the first time on 2 April 2019 following the entry into force in Italy, from 1 January 2019, of the "full depositor preference".
[4] Rating assigned in relation to the first issue of "Senior Preferred Unsecured" securities which took place on 28 March 2019.
[5] Rating assigned in relation to the first issue of "Subordinated Unsecured Tier 2" securities which took place on 23 July 2019. 

Legenda

IDR Long-term: It is a measure of the probability of default and expresses the ability of the bank to repay medium-long term financial commitments - from five to ten years. It is expressed on a scale from AAA to D.

IDR Short-term: It measures the ability of the organization to which the rating is assigned to meet financial commitments due in the short term, within 13 months. The measurement scale includes seven levels (F1, F2, F3, B, C, RD and D).

Viability rating: It aims to assess what the bank's situation would be if it were completely independent and could not rely on external support. It is expressed on a scale from aaa to f.

Support: It expresses Fitch's assessment of the likelihood that an external entity will offer support to the bank if the latter needs it. The measurement scale includes five levels from 1 (best) to 5 (worst).

Support rating floor: It expresses Fitch's assessment on the minimum level below which it will not lower the long-term rating of the issuer in the event of its financial difficulty, in consideration of the propensity of potential supporters (state or institutional owner) to help the bank in such circumstances. The scale of values associated with this judgment reflects that of the long-term ratings. A further possible score, represented by the "No Floor" (NF) indicates that according to Fitch it is unlikely that help will come from outside (probability of a support intervention less than 40%).

Government support: It  reflects  the opinion  on  the  likelihood  that,  in  case  of  failure,  a  bank  or  non-bank financial  institution  will  receive  extraordinary  support  from  government  sources   to  prevent   it   defaulting   on   its   senior   financial   obligations   to   third-party,   non-government creditors.  It is expressed on a scale from aaa to ns.

Outlook: It is a forward-looking assessment of the possible evolution of the long-term rating assigned over a period of 1-2 years.

Long-term Deposit Rating: This is a measure that expresses the vulnerability to default of uninsured deposits. It is expressed on a scale similar to that used for the long-term rating (from AAA to D).

Short-term Deposit Rating: This is a measure that expresses the vulnerability to default of uninsured deposits maturing in the short term. It is expressed on a scale similar to that used for the short-term rating (F1, F2, F3, B, C, RD and D).

Senior Preferred Debt: This is a measure of the probability of default of Senior Preferred bonds which is expressed using a scale from AAA to D.

Subordinated Debt: This is a measure of the probability of default of Subordinated Tier 2 bonds that is expressed using a scale from AAA to D.

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