Fitch gives Iccrea Banca debt BBB-

Fitch Ratings said it assigned Iccrea Banca's (BBB/negative/bbb) planned subordinated Tier 2 debt issue maturing in 2025 an expected rating of BBB-(EXP).

The notes are rated one notch below Iccrea Banca's viability rating of bbb, in accordance with Fitch's Global Bank Rating criteria. The notching includes one notch for loss severity and zero notches for non-performance risk.

The one notch for loss severity reflects the below-average recovery prospects for the notes in case of non-viability. Fitch has applied zero notches for incremental non-performance risk, as the write-down of the notes will only occur once the point of non-viability is reached and there is no coupon flexibility prior to non-viability.

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