PRESS RELEASE
The upgrade reflects Standard & Poor's expectations that BPM's corporate governance will rapidly improve once the bank has completed the announced transformation into a joint stock company. Specifically, Standard & Poor's raised BPM's stand-alone credit profile (SACP) by 2 notches to 'bb-' (from 'b'), given the improvement of the bank's Business Position. In addition, the rating agency removed the 1 notch Sovereign Support, due to lower and less predictable extraordinary government support for Italian banks according to the new regulatory framework introduced by the Bank Recovery and Resolution Directive ('BRRD').
The press release of Standard & Poor's dated 2 December 2015 is available on the Rating Agency website www.standardandpoors.com.
Please note that the original version of this press release is in Italian. In case of misunderstandings the Italian version shall prevail.
Information:
Communication Matteo Cidda +39 02.77.00.7438 matteo.cidda@bpm.it | Investor Relations & Research Roberto Peronaglio +39 02.77.00.2057 investor.relations@bpm.it |
Monica Provini
+39 02.77.00.3515
monica.provini@bpm.it
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