Moody's on Dec. 9 revised the outlook on the long-term ratings of seven Italian financial institutions to negative from stable, following a similar action on the sovereign's Baa2 long-term issuer rating.
The agency also affirmed the long- and short-term deposit ratings of Intesa Sanpaolo SpA, Banca IMI SpA, Credito Emiliano SpA, Crédit Agricole Group unit Crédit Agricole Cariparma SpA, FCA Bank SpA and BNP Paribas SA's Banca Nazionale del Lavoro SpA at A3/P-2 and the long- and short-term issuer ratings of Cassa depositi e prestiti SpA at Baa2/P-2.
At the same time, the rating agency affirmed some other ratings of the seven Italian entities, including the baseline and adjusted baseline credit assessments of Intesa Sanpaolo, Banca IMI and Credito Emiliano at "baa3." Crédit Agricole Cariparma's adjusted baseline credit assessment was affirmed at "baa2" and the baseline credit assessment at "ba1." These ratings were affirmed at "baa3" and "ba2," respectively, for FCA Bank and at "baa2" and "ba2" for BNL.