Fitch rates Intesa Sanpaolo notes BBB-

Fitch Ratings said it has assigned Intesa Sanpaolo Vita’s (BBB+/stable) €750 million issue of perpetual fixed/floating subordinated notes a final BBB- rating.

The subordinated perpetual notes have a first call date in 2024. There will be a 4.75% fixed annual coupon until the reset date and six months Euribor plus 4.817%, which implies a 100 basis points step-up thereafter, the agency stated.

The notes are eligible as tier 1 for regulatory treatment of up to 50% of the required solvency margin and are expected to be grandfathered as tier 1 capital under solvency 2.

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