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S&P removes Italy-based DEPObank's ratings from CreditWatch developing

S&P Global Ratings on Dec. 12 affirmed the BB-/B long- and short-term issuer credit ratings of Italy-based DEPObank - Banca Depositaria Italiana SpA, formerly known as Nexi SpA, with a stable outlook.

The agency noted that the payments company's ratings were removed from CreditWatch with developing implications, where they were placed May 2.

The affirmation reflects the rating agency's view that the benefits of the reorganization for the new entity's risk profile balance the constraints deriving from lower business diversification.

The stable outlook is based on the balanced risks to S&P's ratings on DEPObank over the next 12 months, according to the agency.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found in the sources tab.