Moody’s upgrades CA Auto Bank’s outlook to “Positive” from “Stable”
The rating agency Moody’s announced that it has changed the outlook on CA Auto Bank’s credit ratings from “Stable” to “Positive”.
The rating agency Moody’s announced that it has changed the outlook on CA Auto Bank’s credit ratings from “Stable” to “Positive”.1
Moody’s decision primarily reflects the change to positive from stable of the outlook on the of the Italian Republic (Baa3 positive) and improved operating conditions for banks in Italy, which have led to a higher Macro Profile for Italy to ‘Strong’ from ‘Strong–’.Moody’s decision primarily reflects the change to positive from stable of the outlook on the of the Italian Republic (Baa3 positive) and improved operating conditions for banks in Italy, which have led to a higher Macro Profile for Italy to ‘Strong’ from ‘Strong–’.
Moody’s has affirmed CA Auto Bank’s BCA (Baseline Credit Assessment) at ba2. The affirmation of the Adjusted BCA of baa3 reflects Moody’s unchanged assessment of high probability of affiliate support from its ultimate parent Credit Agricole S.A., leading to two notches of uplift from the BCA.
The affirmation of CA Auto Bank’s Baa1 long-term deposit and issuer ratings reflects the affirmation of the Adjusted BCA, and the extremely low and very low loss given failure for deposits and senior debt, resulting in two notches as those ratings are constrained at two notches above the Government of Italy’s rating.
1 Moody’s has changed from Stable to Positive CA Auto Bank’s outlooks on long-term deposit and issuer ratings.
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