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S&P rates Italy-based PerMicro

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S&P rates Italy-based PerMicro

Standard & Poor's Ratings Services on April 11 assignedPerMicro SpA along-term counterparty credit rating of B-, with a stable outlook.

S&P's assessment of PerMicro's stand-alone creditprofile reflects the company's exposure to a high-risk concentrated nichemarket, characterized by the unsecured nature of loan exposures and relativelylow quality of borrowers. It also reflects PerMicro's weak earnings trackrecord, the rating agency said, highlighting that the company has been makinglosses since its foundation.

These weaknesses are partly mitigated by PerMicro's ongoingpartnership with BNP ParibasSA unit Banca Nazionaledel Lavoro SpA, which holds 23.17% of PerMicro's shares. BancaNazionale del Lavoro provides operational and funding support, coveringPerMicro's funding needs. Banca Nazionale del Lavoro also provides the companywith office space, legal support and a distribution network.

S&P's overall rating assessment is based on PerMicro'sstand-alone creditworthiness.

S&P Ratings andGlobal Market Intelligence are owned by McGraw Hill Financial Inc.