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Fitch lowers Iccrea to BBB-
Fitch Ratings said it downgraded Iccrea Holding SpA's long-term issuer default rating to BBB- from BBB and viability rating (VR) to bbb- from bbb.
Iccrea Holding's two main subsidiaries, Iccrea Banca SpA and Iccrea BancaImpresa's long-term issuer default ratings were also downgraded to BBB- from BBB and common VRs downgraded to bbb- from bbb.
The outlooks on the long-term issuer default ratings are evolving.
Fitch also downgraded the support rating of Iccrea Banca and Iccrea Banca Impresa to 5 from 2 and assigned them a support rating floor of 'no floor'.
Fitch said the downgrade predominantly reflects the increase in Iccrea group's impaired loans throughout 2015, despite new impaired loans formation being slower than in the recent past and the group's more conservative approach to impaired loan provisioning.
The agency’s assessment of Iccrea group's asset quality also considers that a large part of its business is related to Italy's mutual banks (Banche di Credito Cooperativo) whose underlying credit profile further weakened in 2015.
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