Mps, Fitch alza rating a BBB-: torna «investment grade»

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Fitch promoted Mps to Investment Grade, raising the long-term rating and the viability rating from BB+ to BBB- with stable outlook. However, The upgrade. Similarly, reads a note, reflects “the structural improvements” achieved by Siena “in the relaunch of its business model” and considers the fact that if the acquisition of Mediobanca should go through “the impact on capital and the risks of execution should be manageable and consistent with the rating” even if “a great acquisition and the different corporate cultures could lead to higher execution of what is higher than there We wait ». For example, Last April also the DBRS Morningstar agency had raised the Siena rating leading it to “Investment Grade”.

The factors – Mps, fitch alza rating bbb-:

Fitch highlights. as for the Mount’s business model, “a solid risk mps, fitch alza rating bbb-: propensity, a moderate growth in the traditional commercial banking sector and in the distribution of patrimonial and insurance management products. This has favored an improvement in operational profitability which should be sustainable in the medium term “.

Fitch also expects that “MPS maintains adequate capitalization and moderate quality parameters of active ingredients and liquidity”.

The Mediobanca match

As for Mediobanca. Fitch notes, the acquisition “presents risk of execution”, but “if implemented without shocks, it could accelerate MPS’s efforts to strengthen its Wealth Management and Consumer credit franchise and extend its areas of activities to the service of Italian SMEs through the Corporate and Investment Banking franchise of Mediobanca”. Even without the acquisition of Mediobanca. the mountain “should benefit from good business prospects deriving from the medium -term economic growth potential best than expected”.

The words of Lovaglio

In the interview published yesterday of the Sole 24 Ore. the CEO of MPS, Luigi Lovaglio, had been certain to complete the offer on Mediobanca: “With the minimum threshold of 35% we would still exercise the de facto control” said the banker, according to which the price of the OS “is correct, because it is the creation of long -term value that matters”. As for the risks of execution, Lovaglio does not see “any difficulty”. The MPS CEO claims that it is “a project that has a strong industrial. financial ratio, with a clear and innovative vision, which generates tangible benefits for everyone”. And in view of a business development. he promises to “enhance the many Mediobanca talents with which to work together immediately”.