Moody's gives Credito Emiliano notes Ba1

Moody's Investors Service said it assigned a Ba1 long-term rating to the €200 million tier 2 subordinated issuance by Credito Emiliano Holding SpA, the holding company of Credito Emiliano SpA.

The subordinate debt rating is based on the consolidated loss given failure (LGF) analysis of the group which consists primarily of the main operating company, Credito Emiliano, which Moody’s rates Baa3.

The agency rates Credit Emiliano Holding Ba1 and sees a low probability of government support, Moody’s said.

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