DBRS Ratings GmbH (DBRS Morningstar) discontinued Banca Carige SpA’s (Carige or the Bank) ratings, including the Bank’s BBB Long-Term Issuer Rating, as a result of the merger of the Bank into BPER Banca SpA (BPER). At the same time, DBRS Morningstar Withdrew Carige’s Support Assessment of SA1. Following the merger, Carige has ceased to exist as a legal entity, and as a result, BPER has legally assumed all the assets and liabilities of Carige.
Carige’s ratings were upgraded to the same level as BPER on July 28, 2022, following the acquisition by BPER.
ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
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 (17 May 2022).
All figures are in EUR unless otherwise noted.
The principal methodology is the Global Methodology for Rating Banks and Banking Organisations https://www.dbrsmorningstar.com/research/398692/global-methodology-for-rating-banks-and-banking-organisations (23 June 2022). In addition DBRS Morningstar uses the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings, https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (17 May 2022), in its consideration of ESG factors.
The sources of information used for this rating include Company Documents, and BPER Press Release dated 25 November 2022. DBRS Morningstar considers the information available to it for the purposes of providing this rating to be of satisfactory quality.
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.
This rating is endorsed by DBRS Ratings Limited for use in the United Kingdom.
Lead Analyst: Andrea Costanzo, Vice President – Global FIG
Rating Committee Chair: Elisabeth Rudman, Managing Director, Head of European FIG – Global FIG
Initial Rating Date: July 30, 2021
Last Rating Date: July 28, 2022
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