аЯрЁБс>ўџ ')ўџџџ&џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџьЅСM №ПАbjbjт=т=€W€WАџџџџџџlФФФФФФФиьььь ј иГь$Ÿ П Œ<Ф<фФФQ&фффЪФФфффњФФњ Р0œœwВУиькњњw<ГњK к K њфииФФФФйFitch solves the Rating Watch Negative on Ratings of five Italian Confidi Fitch Ratings-Milan/London-November 21, 2003: Fitch Ratings, the international ratings agency, has today resolved the Rating Watch Negative on the Long-term, Short-term and Insurer Financial Strength (IFS) ratings of five Italian confidi, Artigianfidi Varese, Confidi Vicenza, Eurofidi, Interconfidi Nordest and Unionfidi Piemonte. The changes in ratings are as follows: Unionfidi Piemonte’s Long-term ”BBB-“ (“BBB minus”), Short-term ”F3’ and Insurer Financial Strength “BBB” ratings have been affirmed. The Rating Watch Negative was removed, and the Long-term rating has been assigned a stable Outlook. The ratings reflect the confidi’s well structured credit risk system and good competitive position. Confidi are local mutual companies which provide credit guarantees for small and medium sized enterprises (SMEs). Confidi receive a fee from a SME member in return for guaranteeing part of a SME member's bank loan. They tend to work with small, local companies and have a generally good track record of identifying sound risks. Some have also increased the proportion of counter guarantees they receive from external sources, thus reducing their credit risk. Fitch placed the ratings of these confidi on Rating Watch Negative in July 2003 because of concerns regarding the confidi’s limited income and capital which did not provide general protection against increasing risks arising from changes in their business and economic environment. In Fitch’s opinion, expected changes in the regulatory and legislative framework of the sector and slower growth in the domestic economy all had the potential to increase the confidi’s vulnerability. In addition, the agency believes that the Basel 2 capital accord is likely to create challenges for confidi and, as a consequence, the current business model of confidi may need to be reviewed. The rating action also reflected the uncertainty surrounding the longer term prospects for the sector deriving from new legislation regarding the reform of the confidi sector and the introduction of a more federalist structure in the Italian State. These legislative changes will create opportunities and threats for the sector and raise the confidi’s exposure to operational risks. In addition, the confidi’s small size, in particular in terms of equity, led to concerns over limited growth prospects, internal controls and staff continuity. The agency also viewed the absence of an independent regulatory and supervisory body as a negative risk factor for the sector. Following meetings held with the management of each confidi, Fitch concludes that the effect of these factors on each of the confidi is different as well as the response to these challenges. The most dynamic confidi have decided to transform themselves during 2004 into financial intermediaries supervised under article 107 of the Italian Banking Act, which would mean light regulation by Banca d’Italia, or becoming a cooperative bank. In addition, some confidi have started to merge with other confidi, which helps to tackle the issue of their small size and geographic concentration. Some of the confidi have also established mechanisms for protecting to varying degrees their equity from credit losses. Meantime, the use of counter-guarantees from the European Investment Fund and the Italian Central Guarantee Fund has in some cases reduced the credit risk of confidi. The agency has also considered the good track record of the confidi and their generally effective credit controls. Fitch considers that the confidi’s sector is likely to undergo further significant changes including ongoing consolidation, which, in the agency’s view, may be reflected in change in the confidi’s risk profile and ratings. Contacts: Paolo Fioretti, Milan Tel +39 02 879 087 202 Christian Scarafia, Milan Tel +39 02 879 087 212 Matthew Hegarty, London Tel +44 207 417 6319 Matthew Taylor, London Tel + 44 207 417 4345 KLšУХ‡ i { Ђ Ѕ zу(‰хцPotц˜ЂсфQ€АљєыєрєнжнжнжнжЪТнжЪжТКнжнКєБыєыCJaJmHsHWЪъТ{&aJWЪщТ{&aJWЪщТ{&aJmH sH  aJmH sH aJCJaJcHdhщТ{&CJaJmH sH CJaJ 5CJaJKL™šТУФХрс#$рстуфQ€Ањѕѕѕѕѕѕѕѕѕ№№№№№ююѕѕѕѕссс $„а„а^„а`„аa$$a$$a$$a$А§А‚. АЦA!А"А# $ %А i2@ёџ2 Normale_HmH sH tH .. 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