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Notiziario Marketpress di
Martedì 30 Novembre 2004
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MOODY’S RIVEDE L’OUTLOOK SUI RATING DI MELIORBANCA (BAA2/P-2/C-) DA STABILE A NEGATIVO. |
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Milano, 30 novembre 2004 – Meliorbanca informa che ieri l’agenzia di rating Moody’s ha rivisto l’outlook sui rating di Meliorbanca (Baa2/p-2/c-) da stabile a negativo.
Di seguito il testo integrale del comunicato diffuso da Moody’s.
Moody's Changes To Negative From Stable The Outlook For Meliorbanca's Baa2/p-2/c- Ratings
Milan, 29 November 2004 -- Moody's Investors Service changed the outlook for Meliorbanca's Baa2/p-2/c- ratings to negative from stable. According to Moody's the change in outlook reflects the challenges associated with establishing sustainable positions in the bank's core activities, which include Investment Banking, Wealth Management, Corporate Banking and Consumer Banking. The rating agency also noted Meliorbanca's relatively modest financial fundamentals, and the need to establish strong risk controls. Meliorbanca has changed the focus of its business over the last year, and in particular is now focusing on the development of consumer lending and mortgages. The bank has also completed the acquisition of Gesfid, a Swissbased asset manager, which has now obtained a banking licence. According to Moody's Meliorbanca faces strong competition in all of its chosen activities, which will make the establishment of sustainable franchises, capable of delivering sustainable profitability, challenging. Moody's also commented that it believes that it will be important for Meliorbanca to establish strong risk controls, across its increasing range of business activities, as demonstrated by the substantial loan loss charges incurred in the first half of 2004, although the rating agency noted that Meliorbanca is now dedicating increased resources to this. The rating agency also commented that it views Meliorbanca's financial fundamentals, including pre-provision profitability and capital adequacy as modest, in particular relative to its risk profile. Meliorbanca is headquartered in Milan, Italy. At June 30th 2004 it had total assets of Eur 3.8 billion.
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