DBRS lowers Iccrea

DBRS said it downgraded Iccrea Banca SpA, including the long-term issuer rating to BB (high) from BBB (low) The trend is now stable.

The downgrade considers the large and abrupt economic disruption resulting from the pandemic and the negative implications for asset quality, cost of risk and profitability.

“The structure of Gruppo Bancario Cooperativo Iccrea (GBCI or the Group) is relatively new and it will require time for its full integration and consolidation and this will be more challenging in the current environment,” DBRS said in a press release.

The stable trend reflects the view that the bank’s risks are broadly balanced at the BB (high) rating level. The trend also considers the progress made in reducing the stock of non-performing loans, including the recent securitization of €2.4 billion, as well as strengthened capital buffers, the agency said.

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