Moody's rates Mediobanca Baa1

Moody's Investors Service said it assigned a Baa1 long-term senior unsecured rating to Mediobanca SpA with stable outlook.

Moody's also said it assigned provisional ratings on Mediobanca's long-term and short-term senior unsecured euro medium-term note program of Baa1/P-2 and junior senior unsecured and subordinated euro medium-term note program ratings of Baa3 and Ba1.

The agency also said it assigned provisional long-term and short-term guaranteed senior unsecured euro medium-term notes program ratings of Baa1 and P-2 on Mediobanca International (Luxembourg) SA.

All of its other ratings of Mediobanca are unaffected.

The ratings consider the bank's standalone baseline credit assessment and adjusted baseline credit assessment of Baa3, as well as the results of an advanced loss given failure analysis that incorporates the severity of loss faced by the different liability classes in resolution and leads to different notches of rating uplift for the securities issued under the program, the agency explained.

The stable outlook reflects an expectation that the bank's main financials will remain broadly stable in the next 12- to 18-months and that the Italian and European economy will continue to grow at a moderate pace, Moody's said.

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