CREDITO EMILIANO S.P.A. On June, 20 2017, Fitch Ratings has affirmed Credito Emiliano's (Credem) ratings.
Current ratings reflect Group's diversified and stable business model, which has to date resulted in a more resilient profitability and healthier asset quality than its Italian peers. In particularly, Credem's company profile has helped the bank to generate stable fees and commissions, with income from its wealth management and insurance businesses providing a cushion to protect the bank from the impact of current low interest rates. Moreover, strong underwriting standards have also helped the Group to keep loan impairment charges low and stable during a time of high loan impairments in the Italian banking sector.
Credem's capitalisation is in line with the bank's risk profile, with a strong buffer above minimum regulatory requirements.
In detail, Fitch Ratings action on Credem ratings is detailed below:
Long Term IDR: affirmed at "BBB",
Short Term IDR: affirmed at "F2",
Support Rating: affirmed at "5",
Support Rating Floor: affirmed at "No Floor".
Fitch has also assigned a "BBB(dcr)" Derivative Counterparty Rating (DCR) to Credem as part of its roll-out of DCRs to significant derivative counterparties.
The outlook is stable.
The original Fitch Ratings' press release is available on the agency's website.
Reggio Emilia, June, 21 2017
CREDITO EMILIANO SPA
(Chairman) Giorgio Ferrari
Contacts:
Media Relations Credem+39 02 77426202 / +39 0522 582075
rel@credem.it
Investor Relations Credem+39 0522 582785 / 582580
investor@credem.it
www.credem.it
CREDEM - Credito Emiliano S.p.A. published this content on 21 June 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 21 June 2017 07:25:10 UTC.
Original documenthttps://www.credem.it/content/dam/credem/documenti/Sala_Stampa/en_sala_stampa/press-releases/in-corso/2017/FITCH REVISES CREDEM RATINGS.pdf
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