MUMBAI (Thomson Financial) - Fitch Ratings affirmed Italian consumer finance
company Agos SpA.'s long-term issuer default rating at 'AA-' and removed it from
positive watch following the announcement that Agos will integrate Italian
consumer finance company, Ducato SpA., as part of a process to establish a new
company.
The ratings agency also placed Ducato's long-term IDR of 'A' and short-term
IDR of 'F1'on positive watch and affirmed its support rating at '1'.
A stable outlook is assigned to Agos.
The new company will be controlled by Sofinco, rated 'AA'/'F1+' with a
stable outlook, which is the sole owner of Agos and the consumer finance arm of
Credit Agricole's, also rated 'AA'/'F1+' with a stable outlook, and Banco
Popolare, rated 'A'/'F1' with a stable outlook, the Italian co-operative bank
that fully owns Ducato, Fitch said.
As a result of the integration, the combined entity will be the leading
player in the consumer lending sector in Italy with a market share of around 14
percent, based on end-2007 figures, Fitch added.
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