Fitch rates Intesa Sanpaolo notes BB-

Fitch Ratings said it assigned an expected BB- rating to Intesa Sanpaolo SpA’s upcoming issue of perpetual euro-denominated additional tier 1 notes.

The notes are rated five notches below Intesa Sanpaolo’s BBB+ viability rating. Two notches are for loss severity relative to senior unsecured creditors and three notches are for incremental non-performance risk relative to the company’s viability rating, Fitch said.

The rating of the securities is sensitive to a change in the viability rating. The rating is also sensitive to a change in the notes’ notching, the agency added.

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