Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/6/2012 (2 years ago)

Catholic Online (www.catholic.org)

Troubled Italian bank Monte dei Paschi di Siena get BBB- rating from S & P

Founded in 1472, the world's oldest bank has been downgraded to junk status by Standard & Poor. Troubled Italian bank Monte dei Paschi di Siena, founded in 1472, is the world's oldest surviving lender has been put down to speculative-grade status of BB+ from BBB-.

Banca Monte dei Paschi di Siena S.p.A. is the oldest surviving bank in the world and Italy's third largest bank.

Banca Monte dei Paschi di Siena S.p.A. is the oldest surviving bank in the world and Italy's third largest bank.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

12/6/2012 (2 years ago)

Published in Europe

Keywords: Italy, Standard & Poor, Monte dei Paschi di Siena, downgrade


LOS ANGELES, CA (Catholic Online) - S & P Standard cut its credit rating for the bank earlier this week and also placed the bank on negative outlook.

"Deteriorating trends in Banca Monte dei Paschi di Siena's financial position make it unlikely that the bank would restore profitability and improve its capital and funding position in line with our previous expectations.

"The difficult economic and operating environment we anticipate in the Italian market will compound the challenges for MPS to implement successfully its business plan," the agency said in a statement.

The bank's profitability could continue to be under pressure through 2013 despite its efforts to reduce costs.

It's said that there is a very real risk that the bank might not be able to proceed with its planned 1.0-billion-euro ($1.3-billion) capital increase in 2014.

Banca Monte dei Paschi di Siena S.p.A. is the oldest surviving bank in the world and Italy's third largest bank. Founded in 1472 by the Magistrate of the city state of Siena, Italy, as a mount of piety, it has been operating ever since. Today it consists of approximately 3,000 branches, 33,000 employees and 4.5 million customers in Italy, as well as branches and businesses abroad. A subsidiary, MPS Finance, handles investment banking.

In the wake of rising yields and declining valuations on Italian government debt in the European sovereign-debt crisis, MPS lost over $2 billion in the first half of 2012, had to recapitalize, and faced restructuring or worse. The majority owner until the recapitalization, the Fondazione Monte dei Paschi di Siena long resisted issuing new capital which would dilute its holding. In September 2012, even after the dilution, the bank "appear[ed] poised" also to give the national government a greater ownership stake in return for more capital.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.



Comments


More Europe

Jihadi John's father calls son 'dog, an animal and a terrorist' Watch

Image of The elder Emwazi told the colleague that he had emphatically rejected his eldest son during a phone call in 2013 from Turkey when he had asked his parents' blessing for a trip to Syria to fight as a jihadist.

By Catholic Online (NEWS CONSORTIUM)

Describing his son as a "dog, an animal and a terrorist," the father of dreaded Islamic State terrorist "Jihadi John," 51-year-old father of Mohammed Emwazi, Jassem Emwazi is giving the world a new view into one of the world's top villains. According to Jassem, ... continue reading


European leaders warn Putin to back down: Threaten more sanctions if Ukraine ceasefire is violated Watch

Image of While the February 12 ceasefire seems to be holding for the moment. European leaders warn that should violence resume, the international community will have no choice but to implement further sanctions against Russia.

By Matt Waterson (NEWS CONSORTIUM)

While the current ceasefire agreement is apparently holding in Ukraine, European leaders and President Obama warned Russia that they would come down hard and slap on a new round of economic sanctions if the ceasefire was violated. LOS ANGELES, CA (Catholic ... continue reading


TERROR THREAT VERY REAL: Vatican Inspector General says security on high alert Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Inspector General of the Vatican's police force, Domenico Giani says that he is unaware of any plan to attack the Vatican or Pope Francis, but the threat of terrorism remains very real - and that security remains on very high alert there. LOS ANGELES, CA ... continue reading


Mass grave discovered underneath Paris supermarket Watch

Image of The bodies were discovered in eight graves, according to a news release from the National Institute for Preventive Archaeological Research.

By Catholic Online (NEWS CONSORTIUM)

Renovations being made to an existing Paris supermarket have uncovered a mass grave with more than 200 skeletons. Excavators turned over the grisly discovery to archaeologists in order to learn the historical answers to the grisly mystery. LOS ANGELES, CA ... continue reading


IT'S NOT REALLY OVER: Russian-backed rebels use ceasefire to rearm for grand offensive Watch

Image of Ukrainian rebels have been using the ceasefire to rearm and train for future attacks against Ukrainian army forces.

By Matt Waterson (NEWS CONSORTIUM)

Despite a five party ceasefire agreement signed in February, there is no peace in Ukraine, and further bloodshed appears to be on the horizon. LOS ANGELES, CA (Catholic Online) - Russian-backed rebels are using the ceasefire to regroup, rearm and train for another ... continue reading


Hook, line, sinker! Woman sends over $1 MILLION to man she's never met Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Is it possible to fall in love online or over the telephone? Obviously, as a woman, identified only as "Sarah" told Dr. Phil, she sent a man she's never met over ONE MILLION DOLLARS, in the 18 months they've been emailing and calling each other. She is certain ... continue reading


REVEALED AT LAST: Dreaded 'Jihadi John,' ISIS murderer, has face shown in college portrait Watch

Image of Jihadi John's college photo shows him with a solemn expression - hinting at the inhumanity to come.

By Catholic Online (NEWS CONSORTIUM)

Former London resident Mohammed Emwazi, who would go on to worldwide infamy as  "Jihadi John," Islamist State's most notorious executioner has had his college portrait released. Emwazi sports a Pittsburgh Pirates cap, reportedly for his University of ... continue reading


France uneasy as drones spotted over U.S. Embassy, landmarks - Terrorists suspected Watch

Image of Soldiers guard several sites in Paris as the threat of terror attacks grows.

By Marshall Connolly, Catholic Online (NEWS CONSORTIUM)

French officials are worried that a terror attack may be imminent in Paris after drones were spotted flying over several landmarks including the U.S. Embassy. Police were unable to locate the operators. PARIS, FRANCE (Catholic Online) - The AFP is reporting that for ... continue reading


U.S. soldiers dare Putin just 300 yards from Russian border Watch

Image of A U.S. Army armored personal carrier during a military parade in Estonia to mark the nation's independence day.

By Matt Waterson (NEWS CONSORTIUM)

A sign of growing tension in Europe, and possibly a warning to Russia occurred in the Baltic nation of Estonia, as it marked its independence day with a military parade that prominently featured troops and equipment from NATO forces - including U.S. troops - that ... continue reading


Former Russian soldier reveals that Putin has sent troops into Ukraine! Watch

Image of Moscow denied that Russian soldiers were in Crimea when it was taken, but that proved to be a lie.

By Matt Waterson (NEWS CONSORTIUM)

The ceasefire that was agreed to in Minsk by the leaders of France, Germany, Ukraine and Russia did not last even a day before Russian supported rebels broke it by shelling the besieged town of Debaltseve which prompted a withdrawal of Ukraine forces. LOS ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Jeremiah 18:18-20
18 'Come on,' they said, 'let us concoct a plot ... Read More

Psalm, Psalms 31:5-6, 14, 15-16
5 to your hands I commit my spirit, by you have I ... Read More

Gospel, Matthew 20:17-28
17 Jesus was going up to Jerusalem, and on the road ... Read More

Saint of the Day

Saint of the Day for March 4th, 2015 Image

St. Casimir
March 4: Casimir grew up in a world where his life was not his own. As a ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter