Following the 700 million recapitalization of the Valtellinese credit, Davide Serra – through algebris – has a potential indirect holding of 5,286% in its portfolio. Consob communications show that there are 10 'Total Return Swap' contracts with expiry dates between 15 April 2019 and 23 October 2020.
After the capital increase, BlackRock on the other hand, it holds an indirect 5,015% of the Valtellinese bank.
The agency Fitch improved Creval's Long-Term Issuer Default rating to 'BB-' from 'B-', removing the “Rating Watch Evolving”. The outlook is now positive. The increase follows the success of the capital increase, which paves the way for the acceleration of the Npl disposal plan for a gross total of 2,1 billion in 2018. The positive outlook reflects the expectations of an improvement in the profile overall financial position of the bank and the return to (moderate) profitability as a result of planned disposals.
The agency Moody's, on the other hand, confirmed the long-term deposit rating of 'Ba3' and the long-term senior unsecured MTN of '(P)B2' of the Valtellinese bank. At the same time, the agency raised the "stand alone baseline credit assessment (BCA)" and "adjusted BCA" ratings to 'b2' from 'caa1', similarly to the "long-term Counterparty Risk Assessment (CR Assessment)" to 'Ba2 (cr)' from 'Ba3(cr)'. The outlook relating to the long-term deposit rating has been changed to positive from "in evolution".
Meanwhile, the Creval board of directors approved the individual and consolidated results as at 31 December 2017, already disclosed to the market on February 5th. Last year was closed with a consolidated net loss of 331,8 million (red loss of 333,1 million in 2016). The board of directors will propose to the shareholders' meeting, set for next April 27, to carry forward the loss. No dividend will be paid.
This morning the stock on the Creval Stock Exchange earns 0,6% one hour after opening (0,1115 euros).
