Moody’s Upgrades Italy’s Monte Paschi To Reflect Cash Call
Ratings agency Moody’s has upgraded its long-term rating on Banca Monte dei Paschi di Siena ( BMPS.MI ) to ‘B1′ from ‘B2′, saying the bank’s ongoing 5 billion euro rights issue would strengthen its capital against poor asset quality and losses. The fully underwritten cash call “has strengthened the bank’s capital buffer against the pressures from ongoing very poor asset quality and net losses expected for 2014 and potentially also 2015,” Moody’s said in a statement.
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