(Alliance News) - Banco BPM Spa has announced that Fitch Ratings has upgraded its long-term issuer default rating to 'BBB+' from 'BBB', maintaining a Stable outlook, as part of an update to its banking sector assessment criteria.
The agency also raised the long-term deposit rating to 'A-' from 'BBB+', citing the bank's 'solid funding structure', which is supported by a substantial resolution debt buffer.
Banco BPM highlighted that, following Moody's and Morningstar DBRS, Fitch is the third international agency to lift the group's issuer rating to the top of the 'triple B' bracket and its deposit rating into 'single A' territory.
Concurrently, Fitch upgraded Banca Akros's long-term issuer default rating to 'BBB+' from 'BBB', while raising its Shareholder Support Rating to 'bbb+' from 'bbb', aligning it with the new assessment assigned to Banco BPM.
The short-term ratings for both Banco BPM and Banca Akros, as well as Banco BPM's short-term deposit rating, were affirmed at 'F2'.
By Antonio Di Giorgio, Alliance News reporter
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