Ninth episode of the Guide to Finance, published by FIRSTonline and developed by REF Ricerche with the collaboration of Allianz Bank Financial Advisors - Professor Alfonso Del Giudice explains what they are, what they are for and who issues the ratings...
Sharply rising spread after S&P, in the wake of Draghi's resignation, reduced its opinion on Italy's prospects from "positive" to "stable"
In the Eurozone, no recession, but "a slowdown in GDP growth to 3,3% this year, against the 4,4% previously expected"
TIM, Poste Italiane, Hera, Pirelli, Terna, Snam, Italgas, Enel, Prysmian, Intesa Sanpaolo, Generali and Leonardo confirmed in the Dow Jones Sustainability Indices, among the most important European and global sustainability indexes
Standard & Poor's also upgraded the rating of both listed bond issues issued by the Italian insurance group from BB to BB+
FBS spa has been part of the Veneto banking group since 2018 and the US rating agency confirmed its "above average" rating and stable outlook.
Since 2010, the Italian economy has grown by only 0,6%, against 10,6% for the entire euro area - According to the agency, "weak growth and the inability of policymakers to deal with it explain the negative prospects for the Italian sovereign rating"
As it did in October, the US rating agency avoided rejection for our country's economy, which is still under observation for its "reversal of course on the reform front".
Cattolica's stand-alone credit profile (SACP) is confirmed at bbb+, one notch higher than the BBB financial strength rating.
The American rating agency files its GDP growth estimates for this year and next. "Uncertainty about the continuation of fiscal consolidation has led to higher bond yields and could continue." "Structural reforms unlikely to be launched"
While the Lega-Cinque Stelle government contract seeks to create other local companies, the rating agency is accusing precisely the pulverization of management. To improve the entire system, 27 billion of investments are needed.
The US rating agency noted that "Italian GDP is still below that of 2007, but in any case there are positive signs". Istat also presents positive data on retail sales: +1,1% in November…
The outlook is also stable - The agency's forecasts are for a GDP up by 0,9% this year and by 1-1,2% between 2018 and 2020.
The Trani court acquitted 5 analysts and managers of the rating agency, in addition to the company itself - The investigation concerned the downgrading of two steps of the judgment on the Italian debt, decided by Standard & Poor's between 2011 and…
A report by the US rating agency dedicated to the return of inflation in the Eurozone highlights that it will still take some time to make the ongoing price adjustment lasting
According to the American agency, thanks to the improvement in internal demand, the recovery will consolidate in 2016, but our country will have to push on the corporate investment front while trying to remedy the problem of non-performing loans.
The ratings of the US agency do not change: 'BBB-' in the long term and 'A3' in the short term - The outlook remains stable.
The experts of the rating agency on the solidity of companies have published the annual update on Corporate Italy - In the recovery, innovative and export-oriented companies are favored - But the polarization of profitability within sectors is increasing - Investments in recovery…
S&P has made many mistakes with its ratings (Lehman above all) - The markets have not believed the American agency this time either, which is too pessimistic about Italian growth and reduces the comparison with Spain to only…
According to the US agency, “despite the initial promises, it is unlikely that the government's strategy will be able to reverse the dynamics of the economy with respect to its deterioration in the next two or three years” - The BoJ confirms the ultra-expansive monetary policy.
Credit Suisse analysts analyze the impact on corporate bonds of S&P downgrade on Brazilian foreign currency debt - Among the Brazilian companies probably most affected are Banco Bradesco, Braskem and Petrobras - But the market already…
The rating cut downgrades Brazilian debt securities to "speculative grade" - Many Italian companies are trembling, from FCA leader in the Brazilian market, to Telecom Italia, via Enel and Pirelli.
Today the Greek Parliament pronounces itself on the second block of reforms wanted by Tsipras to start the negotiation for the new aids - The transposition of the European directives on the rescue of banks and the…
Standard & Poor's calculates that, in the event of Grexit, for 2015 and 2016 the financing of the Italian public debt would cost 11 billion more in interest - IMF: "Athens needs new funds from its European creditors".…
The US rating agency corrects its GDP forecasts for the currency union upwards: +1,6% in 2015 and +1,9% in 2016 - Italy's prospects are growing, but the strongest revision is that obtained by Spain : GDP up by…
The American agency Standard & Poor's cut Eni's long and short-term rating from A/A-1 to A-/A-2. Oil and gas prices and the situation in Libya and Nigeria weigh heavily.
The decision to ask S&P to withdraw - explains Generali in a note - is based on the inflexibility of the criteria adopted.
Another blow to Greece which will have to pay increasingly high interest rates on its bonds after the S&P agency cut its sup rating from B to B- and forecast a negative outlook. Government bond yields this week…
The rating agency has chosen to pay 1,5 billion dollars to file the allegations of having inflated the ratings on derivatives linked to subprime mortgages.
The rating agency is promoting the reform of the Renzi government's cooperative banks with reservations: "It can serve to reduce fragmentation and encourage aggregations, but to produce significant effects, an improvement in governance is needed".
The US agency explained that both the drop in oil prices and the economic sanctions following the war in Ukraine weigh on Moscow, but above all monetary policy - Russia is the first Bric to become junk...
The agreement signed by the rating agency with the SEC provides for the payment of a 77 million dollar fine and a one-year suspension of the issuance of ratings on new bonds backed by commercial mortgages.
The new clashes have penalized production in the North African country, where the Italian group is heavily involved - Meanwhile, Standard & Poor's has placed the ratings under credit watch.
"The drop in the price of crude oil could boost consumer spending," claims the rating agency in its latest report - The previous estimate was +3%.
In the middle of the day, the Milan Stock Exchange is the worst in Europe together with that of Madrid - Bank sales after the rating cut by S&P - Mps still in the sights: there is talk of new provisions -…
In particular, the rating of the two main Italian banks, Unicredit and Intesa Sanpaolo, was downgraded by the US rating agency to BBB- from BBB - Mediobanca, Ubi, Bpm and Bper are also down.
The latest report by Standard & Poor's on the Italian and European fashion sector marks the end of the great growth of the last decade but also encouraging prospects for the future, especially for the big brands.
At the same time, the agency assigned a B- rating to the $2,5 billion convertible bond that the group intends to place on the market.
Eni at new lows, Saipem rebounds - Bank dam holds - Finmeccanica does well, Mediaset rises on expectation of marriage with Sky
Just on the day when the rate on 10-year BTPs falls below 2% and the BTP-Bund spread falls to 120 basis points, Standard & Poor's lowers Italy's rating to the "junk" threshold - But the…
According to a report on the insurance rating agency, Italy would be at high risk of corruption, given the lack of payment culture and legality - The Transparency International ranking places Italy in 72nd place for perceived level of corruption.
Standard and Poor's has put Banca Carige on negative creditwatch - Intesa Sanpaolo, on the other hand, has given a "categorical no" to a possible intervention in Monte dei Paschi.
After the stress tests, the rating agency confirmed the judgment on the three institutes - Bpm and Bper advance in Piazza Affari - Carige still collapses.
In particular, the rating agency has drawn up a special ranking that measures the economic stability of 44 clubs analyzed on the basis of operations, solvency and liquidity: Fiorentina is the best Italian (14th), Lazio and Juve are good, Roma, Milan and Inter are bad.
This is what we read in a report by the creditworthiness assessment agency, which states that at the end of the second quarter, the Italian GDP had accumulated a -0,3% carry-over effect.
FROM THE ADVISE ONLY BLOG - A few days ago the S&P500, the best-known index of the most important stock market in the world, exceeded 2.000 points for the first time in its history - At the same time, the yields offered by bonds…
For 2016, estimates point to +1,2%, based on data contained in a report on the real estate market in the Eurozone - For this year, the forecast remains for a 0,5% increase in GDP.
From Standard & Poor's to Moody's, from Euler Hermes to the OECD, financial analysts are in agreement: Brazil will not benefit from the organization of the World Cup and its economy is slowing down sharply - Public spending and inflation are rising, industry and investments remain at a standstill:…
The rating agency believes that the Renzi government will be able to make "important progress on important structural and budgetary reforms" - But it is "too early to assess how much program can be implemented and in what timeframe" - It is improving…
The European financial markets authority slammed the rating agency at the end of the investigation into the erroneous publication of an email on the French rating cut - According to Esma, Standard & Poor's did not comply with the organizational requirements indicated in the European regulation.
The Fitch agency raised its rating on Greece's debt by one step, which thus passes from B- to B (a speculative category in any case), with a stable outlook - Standard and Poor's, on the other hand, revised its rating on Spain positively, …
After the last few years at the mercy of the "W" recession, Serbia could improve the already positive performance of its national economy. However, the new pro-European government, the end of the recession, industrial growth and declining inflation do not…
S&P analysts have positively evaluated the performance recorded by Portugal in the context of the rescue program developed internationally (from which, moreover, Lisbon wants to exit by the end of May) and the faster recovery…
From the previous rating of “BBB-,” S&P has now assigned the Philippines “BBB,” which represents the best “grade” given to the country by the three major international credit agencies.
The abundant liquidity injected by central banks into the markets shakes the old saying "on the stock market, sell in May and stay away" until the autumn - On Wall Street, the May effect has occurred 23 times out of 34 since 1980: since then…
The rating agency notes that Russia's economic growth fell to 1,3% in 2013, its lowest level since 1999 - and warns: "If geopolitical tensions do not improve in 2014 there is a significant risk that the …
The US rating agency yesterday confirmed UniCredit SpA's long-term 'BBB' and short-term 'A2' ratings, the outlook remains negative.
Banco Popolare collapses on the stock exchange, which in mid-morning loses more than 3% after Standard & Poor's has decided to lower the rating of the banking institution and its subsidiaries.
"The negative outlook on the Italian rating indicates that we are still uncertain about whether the economic and economic policy trend we are seeing will hold – reads the report -. But if the current coalition government were to implement structural reforms…
Standard & Poor's, analyzing property prices in a dozen European countries, found that while in 2014 they will record a drop of 1% in Italy, 2% in Spain and 3% in France, they will instead grow in Germany (+ 4%)…
The eyewear giant starts off on the right foot in Piazza Affari after the upgrade of Standard & Poor's, which raised its rating to A- with a stable outlook.
The US rating agency evaluates the latest Lingotto operations positively, confirming its outlook - Fiat's liquidity is also rated "adequate" by S&P.
The European head of economic affairs against the downgrade of Standard & Poor's: "We do not agree on the questioning of the budgetary obligations of the member states" - "All the states have always done their duty".
The confirmation - indicates Standard & Poor's in a note - reflects the assessment of "a rich and diversified economy" and the risks of a "fragile recovery in a context of high public debt" - The outlook remains negative.
Standard and Poor's explains the reasons for the negative creditwatch attributed to Generali by arguing that this is always the case when a company has a very high exposure to a country - But it is a very questionable and unconvincing criterion…
Twist in the Eurozone: Standard & Poor's in fact cuts the triple A of the Netherlands, bringing the sovereign rating to "AA+" with a stable outlook, while rewarding the efforts of Spain which goes from negative to stable - Only three triple A ...
Eight less syndicate agreements, a new logo that will be valid for the whole group and a growing dividend: Mario Greco was encouraging at the Investor day in London, recalling the work done up to now with a view to increasing the market -…
The rating agency has cut its rating on French sovereign debt, downgrading it to AA from AA+ - The outlook changes from negative to stable: "Low probability of further action on France's rating" - The rating weighs on the prospects of growth…
Standard & Poor's has revised the outlook of the Roman company, raising the rating from negative to stable, after the improvement in liquidity in the company - The only uncertainty, for the rating agency, is given by the Municipality of Rome, owner of the 51% of Acea,…
According to the latest Consob updates on relevant shareholdings, 5,132% of the Italian telecommunications group is in the hands of funds headed by the US investment giant – The news, however, is not enough to improve the share's fortunes…
Yesterday evening the American rating agency announced that it had placed the ratings of the Italian telecommunications company on negative creditwatch (BBB-/A-3) - The resignation of the executive chairman, Franco Bernabè, would have been the push towards the possible downgrade the uncertainty…
"The recession in Europe, the longest in 40 years, may have bottomed out in the second quarter", writes S&P which expects a stabilization in the second half of the year and "a modest acceleration" in 2014, but "with weak foundations For…
No rating cuts, for the moment, even if on Friday Moody's had already put the group under observation - To weigh "the lower guidance on 2013 earnings, due to the domestic economic context, competition and regulatory pressure on…
Today we will see if, after 6 consecutive increases, Piazza Affari has the strength to continue growing despite the cut in the rating by S&P on Italian banks, excluding Unicredit and Intesa - JP Morgan sees a light for Italy - Waiting…
Standard & Poor's confirmed the opinion on Intesa Sanpaolo and Unicredit (confirmed at the BBB level). The cut of a step has instead affected, among others, Ubi and Credem which now have a rating of BBB-. They go down…
The rating of Bpm and of the subsidiary Banca Akros has been put on negative credit watch - The measure concerns a total of 23 Italian banks and is linked to the lowering of Italy's sovereign rating (from "BBB+" to "BBB"), which last…
FROM THE ADVISE ONLY BLOG - The rating agency's decision to cut the rating on Italy reflects the prospect of a further worsening of our economy in a decade in which average real growth has been below 0,04%…
The new spread of the gap corresponds to yields on our 4,46-year bonds equal to 3% - Tensions are high in anticipation of the 12- and XNUMX-month Bot auction scheduled for this morning.
The auction of 3- and 12-month BOTs will be the first test this morning after the downgrading imposed by Standard and Poor's on Italy: Italy's long-term rating has been cut to BBB from BBB+ with negative outlook - Repercussions…
Standard & Poor's cuts Italy's rating to BBB from BBB+ and the outlook is negative - "There is at least a one in three chance that the rating could be downgraded again in 2013 or 2014" - Fears over the suspension of the IMU …
On the basis of a report by the rating agency, the recession is being absorbed in the euro area but no noteworthy recovery is expected - Indeed, growth estimates for 2013 in Italy are worsening (to -1,9% from previous…
The US rating agency Standard & Poor's therefore maintains its opinion on Spanish debt one step above the junk sector.
The US rating agency specifies that the rating "reflects above all the strength of the US economy and monetary system, as well as the status of the dollar as the world's key reserve currency".
"Italy will return to positive territory only in 2014 and in any case with growth of less than 1%, and therefore anemic": the judgment of Jean-Michel Six, Chief Economist EMEA of Standard & Poor's.
The rating agency maintains that to deal with the tightening of bank credit more and more Italian companies, including medium-sized ones, will increase their recourse to bond issues, which last year reached 20 billion euro.
Telecom shares travel to the bottom of the Ftse Mib at the end of the morning - Profit takings are weighing in the aftermath of the Board of Directors which indicated the way for the spin off of the network and the downgrade arrived yesterday from Standard &…
The agency explained that the improved outlook follows a second consecutive year of solid operating results, with double-digit growth for 2012 revenue and earnings.
The rating agency has cut its estimates on the Italian economy: GDP down by 1,4% in 2013 from -0,7% in the previous estimate - Slight recovery in 2014: +0,8%.
After yesterday's exploits in the wake of Generali and Eni, the Italian Stock Exchange aims to cancel the losses (-0.8%) of 2013 - Even the BTPs are breathing in view of the European Council where Monti calls for more flexibility on public finances - Piazza …
The expansive policy of the Fed makes Wall Street soar and the Dow Jones sets a record but the weakness of the economy and the uncertainties of the eurozone advise against celebrating - Milan starts well this morning - The disappearance of Chavez and the price…
According to Moritz Kraemer, European manager for Standard & Poor's, the result of the Italian elections will have no repercussions on the opinion on our sovereign debt, stable at BBB+, with a negative outlook - "No difference on fiscal policy, Italy's challenge is…
Not everyone shares the line of purchases on the market of government bonds and bonds supported by Ben Bernanke and now the fear is that Quantitative easing will end sooner than expected - Milan starts badly this morning in the wake of…
For the rating agency in Italy, the greatest risks concern economic growth, not the accounts - "After the elections, the country risks losing momentum on reforms" - The main problems: an overly rigid labor market, a burden…
The financial scandals that erupted in 2007/08, in the supreme phase of the pre-crisis euphoria, are taking center stage in Europe and in the USA - The prosecution's indictment arrives on the Monte Paschi front - In the USA, the federal Department of Justice cause to Standard…
The credit of the Trieste company, albeit with a negative outlook, is two notches higher than that of Italy thanks to its high international diversification and its strong market positions in European countries with high ratings.
Sharp drop this morning in Piazza Affari for the defense group - On Friday the American rating agency cut the company's long-term rating from BBB- with a negative outlook to BB+ with a stable outlook.
The agency explained that it will only issue "unsolicited" ratings: this means that it will no longer be paid by the Turkish state, but will only work to meet the needs of investors - Ankara had reacted badly to the cut in May's outlook.
According to the American rating agency, the year that has just begun could mark the beginning of the sustainability of the currency area, which should be able to overcome the volatility and fragmentation of the market.
Standard & Poor's has announced that it has downgraded the rating of the Republic of Cyprus from 'B/B' to 'CCC+/C' with a negative outlook.
Stable outlook thanks to "the determination of the Eurozone countries to support the country" - Last week the Eurogroup, with the participation of the International Monetary Fund, gave the green light to total loans in favor of Athens for 49,1 billion - …
