Banca Popolare di Sondrio S p A : Fitch Ratings conferma tutti i rating di Banca Popolare di Sondrio

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COMUNICATO STAMPA

FITCH RATINGS CONFERMA TUTTI I RATING DI BANCA POPOLARE DI SONDRIO

IL RATING EMITTENTE DELLA BANCA È AL LIVELLO "BB+", CON OUTLOOK "STABILE"

Banca Popolare di Sondrio informa che, in data odierna, l'agenzia Fitch Ratings, a conclusione del processo di revisione annuale del giudizio, ha mantenuto invariati tutti i rating assegnati.

In particolare, il rating emittente Long-term Issuer Default Rating ("IDR") della Banca è stato confermato a "BB+", con outlook "stabile".

A seguito della pubblicazione da parte dell'agenzia nel novembre 2021 della metodologia aggiornata riguardante i criteri dei rating bancari, il Support Rating pari a "5" e il Support Rating Floor pari a "No Floor" sono stati ritirati in quanto non più rilevanti ed è stato assegnato il nuovo Government Support Rating (GSR) pari a "no support" (ns).

Di seguito, il dettaglio dei rating assegnati alla banca:

• Long-termIssuer Default Rating ("IDR"): "BB+"
• Short-termIssuer Default Rating ("IDR"): "B"
• Viability Rating: "bb+"
• Government Support Rating: "ns"
• Long-termDeposit Rating: "BBB-"
• Short-termDeposit Rating: "F3"
• Senior Preferred Debt: "BB+"
• Subordinated Tier 2 Debt: "BB-"
• Outlook: "Stabile"

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Banca Popolare di Sondrio

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Si allega il comunicato stampa pubblicato da Fitch Ratings.

Sondrio, 27 luglio 2022

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Banca Popolare di Sondrio

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PRESS RELEASE

FITCH RATINGS CONFIRMS ALL RATINGS OF BANCA POPOLARE DI SONDRIO

THE BANK'S LONG-TERM ISSUER DEFAULT RATING IS AT "BB+", OUTLOOK "STABLE"

Banca Popolare di Sondrio informs that today the agency Fitch Ratings, at the conclusion of the annual rating review process, has kept all the ratings assigned unchanged.

In particular, the Bank Long-term Issuer Default Rating ("IDR") was confirmed at "BB+", with "stable" outlook.

Following the agency's publication in November 2021 of its updated methodology for Bank Rating Criteria, the Support Rating of '5' and the Support Rating Floor of 'No Floor' were withdrawn as no longer relevant and the new Government Support Rating (GSR) of 'no support' (ns) was assigned.

Below are the details of the ratings assigned to the bank:

• Long-termIssuer Default Rating ("IDR"): "BB+"
• Short-termIssuer Default Rating ("IDR"): "B"
• Viability Rating: "bb+"
• Government Support Rating: "ns"
• Long-termDeposit Rating: "BBB-"
• Short-termDeposit Rating: "F3"
• Senior Preferred Debt: "BB+"
• Subordinated Tier 2 Debt: "BB-"
• Outlook: "Stabile"

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Banca Popolare di Sondrio

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Please find attached the press release issued by Fitch Ratings.

Sondrio, 27 July 2022

The English translation is provided only for the benefit of the reader and in the case of discrepancies the Italian version shall prevail.

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Banca Popolare di Sondrio

RATING ACTION COMMENTARY

Fitch Affrms Banca Popolare di Sondrio at 'BB+'/Stable

Wed 27 Jul, 2022 - 11:10 ET

Fitch Ratings - Milan - 27 Jul 2022: Fitch Ratings has affrmed Banca Popolare di Sondrio's (Sondrio) Long-Term Issuer Default Rating (IDR) at 'BB+' and Viability Rating (VR) at 'bb+'. The Outlook on the Long-Term IDR is Stable. A full list of rating actions is below.

Fitch has withdrawn Sondrio's Support Rating of '5' and Support Rating Floor of 'No Floor' as they are no longer relevant to the agency's coverage following the publication of its updated Bank Rating Criteria in November 2021. In line with the updated criteria, Fitch has assigned Sondrio a Government Support Rating (GSR) of 'no support' (ns).

KEY RATING DRIVERS

Second-TierRegional Bank: Sondrio's ratings refect its second-tier franchise as a regional bank with small national market shares and traditional commercial-banking business model. They also consider the bank's satisfactory regulatory capitalisation and buffers, a sound funding and liquidity profle as well as our expectations that asset quality will improve to levels that are fully commensurate with its 'bb+' VR.

Moderate Risk Profle: Sondrio's risk profle benefts from operating mostly in the wealthy region of Lombardy, where default rates are below the national average. Its lending exposure to SMEs and companies is well-diversifed by sector and borrower. Risk- taking and control processes are in line with market standards. Sondrio's risk appetite features sizeable own sovereign direct exposure through securities holdings.

https://www.fitchratings.com/research/structured-finance/covered-bonds/fitch-affirms-banca-popolare-di-sondrio-at-bb-stable-27-07-20221/10