DBRS might lower Intesa Sanpaolo

DBRS said it placed Intesa Sanpaolo SpA’s senior long-term debt and deposits rating at A (low) under review with negative implications.

As part of the review process, the bank’s intrinsic assessment (IA) of A (low) will also be reassessed.

The agency confirmed the bank’s short-term debt and deposits rating of R-1 (low) with a stable trend.

DBRS said the review of Intesa Sanpaolo’s ratings is driven by its action on the Republic of Italy. On Aug. 5, the agency placed Italy’s A (low) ratings under review with negative implications. The sovereign rating action reflected DBRS’ assessment that the combination of political uncertainty surrounding a forthcoming constitutional referendum and pressure on the banking system, amid a fragile recovery and a less stable external environment, pose downside risks to the ratings.

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