BANCO BPM S.P.A. (Alliance News) - Fitch Ratings announced Thursday that it has raised Banco BPM Spa's ratings by a notch due to the bank's "strong buffers."
The senior long-term preferred rating was raised to 'BBB-' from 'BBB' metre the senior long-term non-preferred rating rose to 'BB+' from 'BBB-'.
At the same time, the other major short-term and long-term ratings assigned to Banco BPM were confirmed in the investment grade category, with Stable outlook. The long-term issuer default rating remains 'BBB-', the short-term is 'F3, the viability rating does not deviate from 'bbb-' and the long-term deposit rating is confirmed 'BBB as is the short-term deposit, which remains F3.
"The ratings are supported by Banco BPM's strong business profile and business diversification, completion of the de-risking plan, significant improvement in profitability, adequate capitalization and solid funding profile. The IDR ratings assigned to Banca Akros, the group's subsidiary specializing in CIB, are equated with those of the parent company, while Akros' derivatives counterparty rating has been upgraded by one notch from its long-term IDR," the bank explained.
Banco BPM's stock closed Thursday down 0.1 percent at EUR5.99 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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