DBRS cuts Banca Popolare di Vicenza to B (high)

DBRS said it lowered Banca Popolare di Vicenza SpA’s senior long-term debt and deposit rating to B (high) from BB (low) and confirmed its short-term debt and deposit rating at R-4.

Concurrently, the bank’s intrinsic assessment was downgraded to B (high) from BB (low), while the support assessment was confirmed at SA3.

The trend on all ratings is stable.

The action concludes the rating review with negative implications which commenced on Feb. 19.

DBRS said the downgrade takes into consideration the increasing litigation and operational risks following the results of the investigations from Consob, as well as the further deterioration of BPVI’s franchise and funding position since DBRS’ latest review in February.

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