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Moody's assigns 1st-time ratings to Italy-based Banca Farmafactoring

Moody's on Oct. 2 assigned Italy-based Banca Farmafactoring SpA first-time Baa3/Prime-3 long- and short-term bank deposit ratings, with a positive outlook on the long-term rating.

The rating agency also assigned the company a Ba1 long-term issuer rating with a positive outlook, "ba3" baseline and adjusted baseline credit assessments, Baa3/Prime-3 long- and short-term counterparty risk ratings and Baa3(cr)/Prime-3(cr) long- and short-term counterparty risk assessments.

The long-term bank deposit and issuer ratings reflect the specialty lender's baseline credit assessment, which is based on the company's activities in factoring receivables from public administration entities.

The positive outlook on the long-term bank deposit and issuer ratings reflects the possibility that Moody's will upgrade Banca Farmafactoring's ratings should it manage to sustain its fundamentals at current levels, such as its common equity Tier 1 ratio.