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.
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.