S&P Global Ratings and Fitch Ratings on Oct. 3 withdrewIccrea Holding SpA'sratings following its merger into subsidiary Iccrea Banca SpA.
The reverse merger took effect Oct. 1, following whichIccrea Holding ceased to exist as a legal entity. All functionsformerly undertaken by Iccrea Holding were transferred to Iccrea Banca, whichbecame the new parent company of the Iccrea group.
The move, which was announced in July, aimed to simplify thegroup's corporate structure and to meet new regulatory requirements set by thereform of the Italian mutual banking sector.
S&P affirmed and withdrew Iccrea Holding's BB/B long-and short-term counterparty credit ratings. The outlook was stable at the timeof withdrawal.
S&P also affirmed Iccrea Banca and 's long- andshort-term counterparty credit ratings at BB/B, with the outlook on bothentities remaining stable, and assigned a stand-alone credit profile of"bb" on Iccrea Banca. The rating agency believes the reverse mergerhas no material financial and governance effects on the creditworthiness ofIccrea Banca.
Fitch withdrew Iccrea Holding's long-term issuer defaultrating of BBB- with an evolving outlook, as well as its short-term issuerdefault rating of F3, viability rating of "bbb-", support rating of 5and support rating floor of No Floor.
S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.