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Moody's places Banca Carige's ratings under review, with direction uncertain

Moody's on Jan. 11 placed Italy-based Banca Carige SpA's Caa3 long-term issuer rating and Caa1 long-term deposit ratings under review, with direction uncertain.

At the same time, the agency affirmed the bank's baseline credit assessment and adjusted baseline credit assessment of ca.

The move follows the ECB's recent decision to place the bank under special administration and the Italian government's approval of a decree through which it granted guarantees on Carige's new liabilities and set aside €1 billion for a potential precautionary recapitalization.

The review with direction uncertain reflects the potential for these diverse scenario to affect the ratings positively or negatively.