Fitch rates Banca Popolare di Sondrio

Fitch Ratings said it assigned an expected long-term rating of BBB- to Banca Popolare di Sondrio ScpA's planned inaugural five-year senior preferred notes issue due 2024.

The bank's planned €500 million senior preferred notes to be issued under its €5 billion euro medium-term notes program, is rated in line with the bank's BBB- long-term issuer default rating, the agency said.

Fitch said it views the likelihood of default on the notes the same as the likelihood of default of the bank.

The senior preferred debt rating is sensitive to changes in the bank's issuer default rating, the agency explained.

The rating is also sensitive to a significant increase in the bank's qualifying buffer of junior and senior non-preferred debt, especially if this exceeds its recapitalization amount, Fitch said.

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