Moody’s ups Banca Carige deposits

Moody's Investors Service said it upgraded Banca Carige SpA's long-term deposit rating to B3 from Caa1, long-term counterparty risk assessment to B3(cr) from Caa1(cr) and affirmed its issuer rating at Caa2.

Carige’s other ratings are unaffected by this action.

The outlooks on the long-term deposit and issuer ratings remain developing.

Moody’s said the action reflects: (a) Its view that government support for Carige's deposit and senior unsecured debt is now more probable than before, resulting in a one-notch uplift to the long-term deposit and issuer ratings; and (b) higher loss-given-failure for senior debt, reflected in a corresponding reduction in uplift for the issuer rating of one notch, down from two notches previously.

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