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DBRS upgrades deposit ratings of 9 Italian banks

DBRS upgraded, by one notch, the long-term deposit rating of nine Italian banks and the short-term deposit rating of eight banks Dec. 14.

The long- and short-term deposit ratings of Banca Akros SpA were upgraded to BBB/R-2(high), with a stable trend.

Iccrea Banca SpA's long- and short-term deposit ratings were upgraded to BBB/R-2(high), with a negative trend.

Banca Sella SpA, Banca Sella Holding SpA, Banco BPM SpA and Banca Popolare dell'Alto Adige SpA's long- and short-term ratings were upgraded to BBB/R-2(high), all with a stable trend.

Banca Monte dei Paschi di Siena SpA's long-term deposit rating was upgraded to BB(low), with a stable trend, while Unione di Banche Italiane SpA's long- and short-term deposit ratings were upgraded to BBB(high)/R-1(low), with a stable trend.

The long- and short-term deposit ratings of Credito Valtellinese SpA were upgraded to BB(high)/R-3, with a positive trend.

DBRS said the ratings actions took into account the introduction of a scheme for full depositor preference in bank insolvency and resolution proceedings, which is due to come into force in Italy on Jan. 1, 2019. The scheme follows the adoption of two Legislative Decrees in 2015 aimed at implementing the EU Bank Recovery and Resolution Directive No. 2014/59/EU in Italy.

Under one of the legislative decrees, from Jan. 1, 2019, all deposits, including corporate and institutional deposits, will rank higher than unsecured debt but lower than insured deposits, those covered by deposit guarantee schemes and some uninsured deposits held by individuals and small- and medium-enterprises when considering creditor hierarchy.