• Fitch Ratings

    Rating of Banca Popolare di Sondrio, released by Fitch Ratings (2017/2024)

    Type 06/2017 06/2018 03/2019 06/2019 03/2020 05/2020 09/2020 09/2021 07/2022 07/2023 04/2024
    IDR Long-term BBB- BBB- BBB- BB+ BB+ BB+ BB+ BB+ BB+ BB+ BBB-
    IDR Short-term F3 F3 F3 B B B B B B B F3
    Viability rating bbb- bbb- bbb- bb+ bb+ bb+ bb+ bb+ bb+ bb+ bbb-
    Support1 5 5 5 5 5 5 5 5 Withdrawn Withdrawn Withdrawn
    Support rating floor1 No floor No floor No floor No floor No floor No floor No floor No floor Withdrawn Withdrawn Withdrawn
     Government support2 -  -  - - - - - - ns ns ns
    Outlook Stable Stable Stable Stable Rating Watch Negative Rating Watch Negative Negative Stable Stable Stable Stable
    Long-term Deposit Rating3       BBB- BBB- BBB- BBB- BBB- BBB- BBB- BBB
    Short-term Deposit Rating           F3 F3 F3 F3 F3 F3
    Senior Preferred Debt4     BB+ BB+ BB+ BB+ BB+ BB+ BB+ BB+ BBB-
    Subordinated Debt 5         BB- BB- BB- BB- BB- BB- BB

     

    [1] Rating withdrawn on 27 July 2022 following the new methodology introduced by Fitch in November 2021.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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  • Morningstar DBRS
    Type 11/2019 04/2020 11/2020 11/2021 11/2022 11/2023
    Long-term BBB (low) BBB (low) BBB (low) BBB (low) BBB (low) BBB (low)
    Short-term R-2 (middle) R-2 (middle) R-2 (middle) R-2 (middle) R-2 (middle) R-2 (middle)
    Intrinsic Assessment  BBB (low) BBB (low) BBB (low) BBB (low) BBB (low) BBB (low)
    Support Assessment  SA3 SA3 SA3 SA3 SA3 SA3
    Trend  Stabile Negative Negative Stabile Stabile Positive
    Long-term Deposit Rating BBB BBB BBB BBB BBB BBB
    Short-term Deposit Rating R-2 (high) R-2 (high) R-2 (high) R-2 (high) R-2 (high) R-2 (high)
    Long-term Senior Debt BBB (low) BBB (low) BBB (low) BBB (low) BBB (low) BBB (low)
    Short-term Debt R-2 (middle) R-2 (middle) R-2 (middle) R-2 (middle) R-2 (middle) R-2 (middle)
    Subordinated Debt       BB BB BB

     

    Legenda

    Long-term: It is a measure of the probability of default and expresses the bank's ability to repay medium / long-term loans. It is expressed on a scale from AAA to D.

    Short-term: Measures the ability of the organization to which the rating is assigned to meet financial commitments due in the short term. The measurement scale includes six levels (R-1; R-2; R-3; R-4; R-5 and D).

    Intrinsic Assessment: It reflects DBRS's view on the likelihood and predictability of timely external support for the bank in case of need. The measurement scale includes four levels from SA1 (best) to SA4 (worst).

    Support Assessment: It reflects DBRS's view on the likelihood and predictability of timely external support for the bank in case of need. The measurement scale includes four levels from SA1 (best) to SA4 (worst).

    Trend: It is a prospective 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 medium / long-term 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 short-term uninsured deposits. It is expressed on a scale similar to that used for the short-term rating (R-1; R-2; R-3; R-4; R-5 and D).

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

    Short-term Debt: This is a measure of the probability of default of short-term bonds that is expressed using a scale from R-1 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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  • Scope ratings

    Rating 2019-2024

    Type 11/2019 04/2020 03/2021 03/2022 03/2023 04/2024
    Issuer rating BBB - BBB - BBB - BBB- BBB BBB
    Outlook Positive Stable Stable Positive Stable Stable

     

     

    Legenda

    Issuer rating: Represents a credit rating on the ability of a bank to meet its contractual financial commitments in a timely and complete manner. It is expressed on a scale from AAA to D.

    Outlook: It is a forward-looking assessment of the possible evolution, over a period of 12-18 months, of the issuer rating assigned.

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  • S&P GLOBAL RATINGS
    Type 02/2024
    Stand alone credit profile BBB-
    Long-term Issuer Credit Rating BBB-
    Short-Term Issuer Credit Rating A-3
    Long-term Resolution Counterparty Rating BBB
    Short-term Resolution Counterparty Rating A-2
    Outlook Stabile

     

    Legenda

    Stand alone credit profile: It measures the stand-alone creditworthiness of a company based on the analysis of financial fundamentals. It is expressed on a scale from AAA to D.

    Long-term Issuer Credit Rating: It is a measure of the probability of default and expresses the bank's ability to meet its medium- to long-term financial commitments. It is expressed on a scale from AAA to D.

    Short-Term Issuer Credit Rating: It measures the ability of the organization to which the rating is assigned to meet financial commitments due in the short term. The measurement scale includes six levels (A-1; A-2; A-3; B; C e D).

    Long-term Resolution Counterparty Rating: It reflects S&P Global Ratings' opinion of the bank's creditworthiness with respect to the timely fulfilment of certain medium- to long-term financial liabilities that may be protected, as part of a possible resolution (bail-in) process. It is expressed on a scale from AAA to CC.

    Short-term Resolution Counterparty Rating: It reflects S&P Global Ratings' opinion of the bank's creditworthiness with regard to the timely fulfilment of certain short-term financial liabilities that may be protected, as part of a possible resolution (bail-in) process. The measurement scale includes six levels from A-1 (best) to SD and D (worst).

    Outlook: It is a forward-looking assessment of the possible evolution over a future period, usually over 1-2 years, of the assigned long-term rating. Any changes in economic and financial conditions are taken into consideration when determining the outlook.

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