Fitch lowers Vicenza to D

Fitch Ratings said it downgraded Banca Popolare di Vicenza's long- and short-term issuer default ratings to D from CCC and C, respectively, and removed them from rating watch evolving.

The agency also downgraded the viability rating to f from cc.

The rating watch on Vicenza's senior debt was revised to positive from evolving.

Fitch also affirmed Intesa Sanpaolo SpA's issuer default ratings and viability rating at BBB/F2 and bbb, respectively.

The outlook is stable.

At the same time, the agency affirmed Veneto Banca's state-guaranteed notes at BBB.

Fitch said the downgrade of Vicenza reflects that the bank has been placed into liquidation.

The rating watch positive on Vicenza's senior unsecured bonds reflects the agency’s expectation that these will be upgraded to the same level as Intesa Sanpaolo’s senior debt once the government decree has been converted into law, which will make the transfer of senior debt to Intesa Sanpaolo final.

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