Fitch rates Intesa Sanpaolo notes BB-

Fitch Ratings said it assigned a final rating of BB- to Intesa Sanpaolo SpA’s $1 billion perpetual dollar-denominated additional tier 1 7.7% capital securities.

The final rating is in line with the expected BB- rating assigned to the notes Sept. 9, Fitch said.

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

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