Scusate se posto ancora ma credo che su questo argomento al momento ci sia molta confusione. Pregherei il moderatore di lasciare questo thread e non unirlo all'altro dove si trattano assieme 50 argomenti differenti. Altrimenti alla fine gli argomenti del forum sono uno per ogni banca e stop
La mia domanda è molto semplice tecnicamente BBB- visto che è sotto la BBB equivale a Junk Bonds? Cosa vogliono dire gli altri rating?
Pregherei alle tante persone competenti in materia di finanza di questo forum di darmi se possibile una breve risposta.
Fitch Affirms Banca IFIS at 'BBB-'; Outlook Stable
09 Feb 2009 5:52 AM (EST)
Fitch Ratings-London/Milan-09 February 2009: Fitch Ratings has today affirmed Italy-based Banca IFIS's (IFIS) ratings at Long-term Issuer Default (IDR) 'BBB-' (BBB minus) with Stable Outlook, Short-term IDR 'F3', Individual 'C', Support '5' and its Support Rating Floor at 'No Floor'.
The ratings of IFIS reflect its operations as a niche bank, improved controls and risk management, as well as adequate profitability and capitalisation. They also reflect its relatively small size and reliance on wholesale funding.
The ratings might come under pressure should the bank's profitability suffer a structural deterioration or should its liquidity or capital ratios weaken materially. IFIS's relatively small size limits upside rating potential, although a longer record of good performance and asset quality would put upward pressure on the ratings.
IFIS's profitability has strengthened since 2007 and continued to improve during 2008. At end-2008, operating revenue increased 30% yoy and the bank reported operating return on average equity of 21.85% (2007: 20.73%) and operating return on average asset of 2.39% (2007: 2.11%). Costs were kept under control and the cost/income ratio decreased to 44.3% (2007: 45.8%)
Despite deterioration in asset quality over the past one year, credit risk remains reasonable. At end-2008, the bank reported an increase in gross impaired loans (up 20% yoy), due to the general deterioration in the economy. This is reflected also in an increase in gross impaired loans to 4.65% of gross loans (2007:3.44%). However, loan impairment coverage remains adequate. Exposure to market risk remains low. IFIS derives most of its funding from the inter-bank market, but is seeking to further diversify its funding sources and to increase the share of online retail deposits (13.6% of total funding at end-2008). Liquidity has remained adequate and is now sustained by a securitisation programme of commercial loans for a maximum amount of EUR600m. The first senior tranche of EUR280m, eligible for refinancing with the European Central Bank, was issued in December 2008.
With an eligible capital ratio of 11.57% at end-June 2008, IFIS's capitalisation remains adequate for the scale of its activities and the amount of risk undertaken. The bank aims to increase its capital to sustain its planned growth and to maintain a minimum regulatory Tier 1 ratio of 10%.
IFIS specialises in providing factoring to SMEs in Italy and markets factoring as an alternative means for its clients to obtain short-term finance. IFIS has operated as a bank since 2002. It operates through 18 branch offices in Italy, representative offices in Budapest and Bucharest, and a small office in Paris. In 2006, it acquired a small factoring company in Poland.
La mia domanda è molto semplice tecnicamente BBB- visto che è sotto la BBB equivale a Junk Bonds? Cosa vogliono dire gli altri rating?
Pregherei alle tante persone competenti in materia di finanza di questo forum di darmi se possibile una breve risposta.
Fitch Affirms Banca IFIS at 'BBB-'; Outlook Stable
09 Feb 2009 5:52 AM (EST)
Fitch Ratings-London/Milan-09 February 2009: Fitch Ratings has today affirmed Italy-based Banca IFIS's (IFIS) ratings at Long-term Issuer Default (IDR) 'BBB-' (BBB minus) with Stable Outlook, Short-term IDR 'F3', Individual 'C', Support '5' and its Support Rating Floor at 'No Floor'.
The ratings of IFIS reflect its operations as a niche bank, improved controls and risk management, as well as adequate profitability and capitalisation. They also reflect its relatively small size and reliance on wholesale funding.
The ratings might come under pressure should the bank's profitability suffer a structural deterioration or should its liquidity or capital ratios weaken materially. IFIS's relatively small size limits upside rating potential, although a longer record of good performance and asset quality would put upward pressure on the ratings.
IFIS's profitability has strengthened since 2007 and continued to improve during 2008. At end-2008, operating revenue increased 30% yoy and the bank reported operating return on average equity of 21.85% (2007: 20.73%) and operating return on average asset of 2.39% (2007: 2.11%). Costs were kept under control and the cost/income ratio decreased to 44.3% (2007: 45.8%)
Despite deterioration in asset quality over the past one year, credit risk remains reasonable. At end-2008, the bank reported an increase in gross impaired loans (up 20% yoy), due to the general deterioration in the economy. This is reflected also in an increase in gross impaired loans to 4.65% of gross loans (2007:3.44%). However, loan impairment coverage remains adequate. Exposure to market risk remains low. IFIS derives most of its funding from the inter-bank market, but is seeking to further diversify its funding sources and to increase the share of online retail deposits (13.6% of total funding at end-2008). Liquidity has remained adequate and is now sustained by a securitisation programme of commercial loans for a maximum amount of EUR600m. The first senior tranche of EUR280m, eligible for refinancing with the European Central Bank, was issued in December 2008.
With an eligible capital ratio of 11.57% at end-June 2008, IFIS's capitalisation remains adequate for the scale of its activities and the amount of risk undertaken. The bank aims to increase its capital to sustain its planned growth and to maintain a minimum regulatory Tier 1 ratio of 10%.
IFIS specialises in providing factoring to SMEs in Italy and markets factoring as an alternative means for its clients to obtain short-term finance. IFIS has operated as a bank since 2002. It operates through 18 branch offices in Italy, representative offices in Budapest and Bucharest, and a small office in Paris. In 2006, it acquired a small factoring company in Poland.