DBRS Assigns R-1 (low) Rating to Intesa’s Negotiable European Commercial Paper Programme

DBRS Ratings Limited (DBRS) 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, London 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, unguaranteed and unsubordinated liabilities.

The rating is in line with the Short-Term Debt rating of Intesa Sanpaolo SpA.

A full list of rating actions is included at the end of this press release.

RATING DRIVERS
The rating for this Programme will move in tandem with the Short-Term Debt rating of Intesa Sanpaolo SpA. 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.

Notes:
All figures are in Euros unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (July 2018). This can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include company documents. DBRS considers the information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS 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.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance.

For further information on DBRS historical default rates published by the European Securities and Markets Authority (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU and US regulations only.

Lead Analyst: Nicola De Caro, Senior Vice President – Global FIG
Rating Committee Chair: Elisabeth Rudman, Managing Director, Head of EU FIG - Global FIG
Initial Rating Date: September 14, 2018
Most Recent Rating Update: Not Applicable as no last rating date

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