DBRS Ratings GmbH (DBRS Morningstar) assigned an R-1 (low) rating with a Stable trend to the EUR 15 billion Negotiable European Commercial Paper Programme (NEU CP or the Programme) of Intesa Sanpaolo SpA, Paris Branch. The Programme is for the issuance of short-term negotiable debt securities with maturities not exceeding 365 days (366 days in a leap year), from the issue date. These securities constitute direct, unsecured and unsubordinated obligations and rank pari passu with the Issuer’s other current and future direct, unsecured, and unsubordinated liabilities, except those which may be mandatorily preferred by law. The rating is in line with the Short-Term Debt rating of Intesa Sanpaolo SpA. Concurrently, the rating on the EUR 15 billion Negotiable European Commercial Paper Programme of Intesa Sanpaolo SpA, London Branch has been discontinued as the Programme now acts through the Paris branch. A full list of rating actions is included at the end of this press release.
The rating for this Programme will move in tandem with the Short-Term Debt rating of Intesa Sanpaolo SpA and therefore an upgrade of Intesa’s Short-Term Debt would lead to an upgrade of the Programme. Conversely, a downgrade of Intesa’s Short-Term Debt would result in a downgrade of the Programme.
ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/ Social/ Governance factor(s) that had a significant or relevant effect on the credit analysis.
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings.
All figures are in EUR unless otherwise noted.
The principal methodology is the Global Methodology for Rating Banks and Banking Organisations (19 July 2021) https://www.dbrsmorningstar.com/research/381742/global-methodology-for-rating-banks-and-banking-organisations. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (17 May 2022) https://www.dbrsmorningstar.com/research/396933/dbrs-morningstar-publishes-final-methodology-for-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings.
The sources of information used for this rating include Morningstar Inc. and Company Documents, and Intesa Sanpaolo SpA Paris Branch’s Negotiable European Commercial Paper Information Memorandum. DBRS Morningstar considers the information available to it for the purposes of providing this rating to be of satisfactory quality.
This rating concerns a newly rated issuer. This is the first DBRS Morningstar rating on this issuer.
DBRS Morningstar does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.
The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar's outlooks and ratings are under regular surveillance.
For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: https://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. DBRS Morningstar understands further information on DBRS Morningstar historical default rates may be published by the Financial Conduct Authority (FCA) on its webpage: https://www.fca.org.uk/firms/credit-rating-agencies.
The sensitivity analysis of the relevant key rating assumptions can be found at: https://www.dbrsmorningstar.com/research/398627.
This rating is endorsed by DBRS Ratings Limited for use in the United Kingdom.
Lead Analyst: Nicola De Caro, Senior Vice President – Global FIG
Rating Committee Chair: Ross Abercromby, Managing Director - Global FIG
Initial Rating Date: June 21, 2022
Last Rating Date: Not applicable as there is no last rating date.
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