OREANDA-NEWS. Fitch Ratings has affirmed Veneto Banca's (VB) senior unsecured state-guaranteed debt Long-term rating at 'BBB+', following the affirmation of Italy's sovereign rating on 23 October 2015 (see "Fitch Affirms Italy at 'BBB+'; Outlook Stable" on www.fitchratings.com).

KEY RATING DRIVERS
SENIOR GUARANTEED DEBT
The notes' Long-term rating is based on the Republic of Italy's direct, unconditional and irrevocable guarantee for the issues, which covers payments of both principal and interest. Italy's guarantee was issued by the Ministry of Economy and Finance under Law Decree 6 December 2011, n.201, subsequently converted into Law 22 December 2011, n. 214.

The rating reflects Fitch's expectation that Italy will honour the guarantee provided to the noteholders in a full and timely manner. The state guarantee ranks pari passu with Italy's other unsecured and unguaranteed senior obligations. As a result, the note's Long-term rating is in line with Italy's 'BBB+' Long-term Issuer Default Rating (IDR).

RATING SENSITIVITIES
SENIOR GUARANTEED DEBT
The note's Long-term rating is sensitive to changes in Italy's Long-term IDR. Any downgrade or upgrade of Italy's Long-term IDR would be reflected on the note's Long-term rating.

The rating action is as follows:

Veneto Banca's EUR300m State Guaranteed Debt issued in March 2012, maturing in March 2017, fixed-rate, ISIN code: IT0004807167 affirmed at 'BBB+'.