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Moody's assigns issuer rating to Banca del Mezzogiorno

Moody's on March 28 assigned Banca del Mezzogiorno - MedioCredito Centrale SpA a Baa3 long-term issuer rating with a negative outlook.

The rating agency affirmed the Italian bank's Baa3/Prime-3 long- and short-term bank deposit ratings, "ba3" baseline credit assessment and adjusted baseline credit assessment and Baa3(cr)/Prime-3(cr) long- and short-term counterparty risk assessments.

The long-term issuer rating reflects the bank's baseline credit assessment, Moody's expectation that senior debt will likely face very low loss given failure in a resolution scenario and the agency's assumption of a moderate probability of government support.

The negative outlook on the lender's issuer rating reflects the negative outlook on Italy's Baa2 sovereign debt rating.