Banca Firenze's 'A1' rtgs on review for upgrade on Intesa's share buy - Moody's |
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Published
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Fri, 27 Jul 2007 12:54
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MUMBAI (Thomson Financial) - Moody's Investors Service placed Banca CR Firenze's 'A1' long term debt and deposit rating on review for possible upgrade, following Intesa Sanpaolo SpA's plans to acquire an additional 40.3 pct shares in Banca.The ratings agency said the review will focus on the level of support expected from Intesa SanPaolo to Banca Firenze is likely to result in a one-notch upgrade.Moody's said the consideration is to bring 3.3 pct of Intesa' shares back on the market following a resolution by the bank's shareholders in October.It added with this acquisition Intesa will raise its stake in Banca Firenze to 58.9 pct and will later launch a public offer on the remaining shares.Moody's said that Banca Firenze's financial strength rating of 'C' is affirmed, as delivery of the benefits from the integration into the Intesa Sanpaolo group are expected to take some time.TFN.newsdesk@thomson.comvsr/manCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Banca CR Firenze, Intesa Sanpaolo agree on share swap ratio for merger - report 