The credit rating agency S&P Global Ratings has confirmed the ratings of solvency, Bankinter, but has lowered its outlook from stable to negative, as reported by the entity in a press release sent to the Commission of the Market of Values (CNMV). The reason is the transaction announced departure to get to Bag its subsidiary insurance Direct Line, which includes an issue premium in kind with shares of the insurer. The titles of Bankinter barely felt the movement of S&P, with the slightest rise of 0.07% in the Stock market.
The decision of the u.s. agency risk occurs “once analyzed the proposed distribution in kind of the issue premium through the delivery to their shareholders of shares of its subsidiary, Direct Line Insurance”, explained the bank.
The board of directors of Bankinter will propose to the next ordinary general meeting of shareholders take to Bag your insurer Direct Line, which would become an independent company and quoted. To this end, the proposal of the bank is to distribute the entirety of the issue premium, which amounted to 1.184 billion euros, in kind, by delivering to its shareholders 82.6% of Direct Line Insurance, to be valued at 1.434 billion euros, a stock that subsequently will be admitted to trading. 17.4% of the capital of the insurer will be in the hands of Bankinter.
The operation will entail a net reduction of equity of around 200 million euros, as a result of the difference between the 1.184 million euros distributed from the share premium and the capital of 1,000 million euros for the putting in value of the participation.
