FITCH REVIEWED BANK RATING CRITERIA

Following the update in bank rating criteria (published on February 28, 2020), Fitch has placed the ratings of some European banks' instruments under criteria observation.

Such action was merely the consequence of the methodological changes - which mainly reflected the regulatory developments regarding banking resolution (EU Directive 59/2014, so-called "BRRD") - and had no impact on Credem Group issuer rating.

In particular, Fitch has placed the ratings of the following Credem instruments under criteria observation (UCO):

  • Long Term deposits rating: UCO for possible upgrade;
  • Senior Non Preferred and Tier 2 debt ratings: UCO for possible downgrade.

It should be noted that in case such ratings will be effectively reviewed by Fitch, the Senior non-Preferredbond issued by Credem in October 2019 would remain Investment Grade.

Ratings designated as being UCO will be reviewed and resolved as soon as practical and in any case within six months from the publication of this press release.

The full note is available on Fitch Ratings website.

Reggio Emilia, March 4, 2020

CREDITO EMILIANO SPA

(Chairman)

Lucio Igino Zanon di Valgiurata

CONTACTS

Media relations Credem

Investor relations Credem

+39.0522.582075 - +39.02.77426202

+39.0522.582580 - 3611

rel@credem.it

investor@credem.it

www.credem.it

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CREDEM - Credito Emiliano S.p.A. published this content on 04 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2020 20:27:06 UTC