Prudent financial management, robust liquidity, strong economy and a well-integrated institutional framework support the rating. Elevated operating spending pressures and increasing debt burden are challenges.

Modest debt levels, a strong liquidity position and robust reserves support the rating. Budgetary pressures coupled with limited revenue flexibility are challenges.

The periodic review has resulted in no rating action.

The periodic review has resulted in no rating action.

The affirmation reflects the strong position in Italian PDL market, growing diversification, supportive earnings capacity and risk exposures, and adequate funding and solvency profile.

Bolt-on acquisitions and investments will improve the group’s diversification and consolidate its pan-European market position, but transformational deals remain complex and subject to political barriers.

The securitised portfolio consists of payroll-deductive loans of borrowers in Italy.

The rating affirmation reflects the bank’s progress in its transformation strategy which puts pressures on its financial viability, but which remains adequately buffered.

The affirmation is based on the waiver and covenant reset recently agreed among the involved banks as well as the company’s largely unchanged business and financial risk profiles.

The EUR [1,012.8]m underlying portfolio of auto loan receivables was originated to private individual borrowers by Banco Cetelem, S.A.U.