long-term Issuer Default Rating (IDR) of “BBB” for Banca Italease,
while giving VR-Leasing an “A” with a “stable outlook”.
The credit rating follows the announcement this week that the
Italian lessor has agreed to begin a joint venture with VR-leasing,
a subsidiary of DZ Bank, which will have a 60 per cent stake in the
new business unit.
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Director in Fitch’s Banks team Andrea von Schnurbein described
the joint venture as a “rare opportunity for VR-Leasing to gain
significant share in the Italian leasing and factoring market”.
“We view the combination of VR-Leasing’s experience in using
banks as distributors with Italease’s market share and knowledge
positively,” he added.
Fitch said that the integration of a foreign subsidiary of the
size of Italease would be “challenging” for VR-Leasing,
particularly in the current economic environment, although
financial risks are expected to be mitigated by a capital injection
provided by DZ Bank.
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