Monte dei Paschi di Siena again in red in Piazza Affari. The Bank's stock dropped almost one and a half points in mid-morning, after the -0,58% recorded at the end of the last session.
Also yesterday, with markets closed, Fitch had rating confirmed of the institute on the long and short term debt – respectively BBB and F3 – maintaining on the first a negative outlook.
The agency has chosen not to make any downgrade because it is convinced that MPS will continue to be supported by the Italian government, given "its systemic importance in the national banking system", underlined Montepaschi itself.
Fitch has cut the rating on "viability" (indicator of dependence on state support) from “b” to “ccc”. The decision reflects "the growing probability that the Italian government will become the major shareholder of the Bank”, writes Fitch, who evaluates this scenario as “an indication of the non-self-sufficiency of the Bank”. The risk of nationalization would be linked to the increased amount of capital to be raised and the timescales imposed for the recapitalisation.
