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U - Intesa Sanpaolo: Fitch affirms ratings, outlook U

U as the latest news - Intesa Sanpaolo: Fitch affirms ratings, outlook stable

Intesa Sanpaolo: Fitch affirms AA-rating, outlook stable - 1

(Il Sole 24 Ore Thomson Financial) - Milan, 05 Oct - Fitch Ratings today confirmed the proceedings of "AA-" sul debito a lungo termine di Intesa Sanpaolo con outlook stabile. La società di rating ha contestualmente alzato il giudizio sul debito a lungo termine della controllata Cassa di Risparmio di Firenze a "AA-" da "A+" per riflettere la piena integrazione della banca nel gruppo Intesa. Confermati inoltre i rating delle filiali  Banca Imi e Banca Infrastrutture Innovazione e Sviluppo . Le misure di Fitch non riguardano invece le filiali estere del gruppo.

Corrado Poggi cop-Y-

c.poggi@ilsole24ore.com

(Thomson Financial) 10/10/2005 13:33:12 (0197) 3 NNNN

Intesa Sanpaolo: Fitch affirms AA-rating, outlook stable - 2

(Il Sole 24 Ore Thomson Financial) - Milan, 05 Oct - "The ratings of Intesa Sanpaolo - the statement of Fitch - are based on its operations as the second largest Italian banking group as an asset total, its solid risk management, on the strength of the brand price retail customers and its adequate capitalization, which Fitch believes will increase further. The other, also reflect the deterioration of asset quality and pressure on operating earnings. "

According to the company's rating American performance Intesa Sanpaolo" will likely remain under pressure in 2010 and 2011 in an environment of low interest rates which reduces the margins on customer deposits and the cost of borrowing remains high. The bank reported a moderate increase in operating income in 2009 and the beginning of the year to date, generating an operating return on average capital of about 5.7% in the first half. "

Fitch also notes that "The internal capital generation has benefited from extraordinary items "and that" a further weakening of the ability to generate core earnings or increased earnings volatility could put pressure on the rating .

Corrado Poggi cop-Y-

c.poggi @ ilsole24ore.com

(Thomson Financial) 10/10/2005 13:47:37 (0214) 3 NNNN

(See previous posts on Intesa Sanpaolo)