Credit RiskThe impact on the capital base potentially deriving from the classification of a portion of loans to NPL has been quantified by the company, affecting the Total Capital Ratio.
Dividend RestrictionsThe Bank of Italy imposed a temporary dividend ban on Banca Sistema, following some findings on the classification of its credit exposures towards the public administration.
Regulatory ChallengesGiven the still pending regulatory uncertainties and the dividend ban temporarily imposed by the Bank of Italy, a NEUTRAL rating is confirmed.