DBRS eyes Carige positively

DBRS said it placed Banca Carige SpA’s ratings under review with positive implications, including the long-term issuer rating of B (low).

“The review will focus on the impact on Carige’s franchise and credit fundamentals of the upcoming potential acquisition of Carige by BPER Banca (BPER, unrated), which is expected to close by June 30, 2022, subject to the required regulatory approvals,” the agency said in a press release.

The acquisition would propel BPER to become Italy’s fourth largest bank with total assets of more than €150 billion.

DBRS said it aims to conclude the review when the transaction closes. “The review with positive implications reflects that the transaction should be credit positive for Carige as a result of joining BPER’s well established and diversified franchise which is supported by a solid credit profile.”

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