Banca Popolare di Sondrio S C p A : Fitch Ratings conferma il rating a lungo termine a "BB+"; migliorato l'outlook che viene portato a "stabile" da "negativo".

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Società cooperativa per azioni - fondata nel 1871

Sede sociale e direzione generale: I - 23100 Sondrio So - Piazza Garibaldi 16

Iscritta al Registro delle Imprese di Sondrio al n. 00053810149

Iscritta all'Albo delle Banche al n. 842

Capogruppo del Gruppo bancario Banca Popolare di Sondrio, iscritto all'Albo dei Gruppi bancari al n. 5696.0

Iscritta all'Albo delle Società Cooperative al n. A160536

Aderente al Fondo Interbancario di Tutela dei Depositi

Codice fiscale e Partita IVA: 00053810149

Capitale Sociale € 1.360.157.331 - Riserve € 1.253.388.214 (dati approvati dall'Assemblea dei soci dell'11/5/2021)

COMUNICATO STAMPA

Banca Popolare di Sondrio:

Fitch Ratings conferma il rating a lungo termine a "BB+";

migliorato l'outlook che viene portato a "stabile" da "negativo".

Si informa che in data odierna l'agenzia di valutazione del credito Fitch Ratings, al termine del processo di revisione annuale, ha confermato tutti i rating assegnati alla Banca Popolare di Sondrio. Nel contempo l'outlook viene portato a "stabile" da "negativo".

Di seguito, il dettaglio dei rating assegnati alla banca:

• Long-termIssuer Default Rating ("IDR"): "BB+"
• Short-termIssuer Default Rating ("IDR"): "B"
• Viability Rating: "bb+"
• Support rating: "5"
• Support rating floor: "No Floor"
• Long-termDeposit Rating: "BBB-"
• Short-termDeposit Rating: "F3"
• Senior Preferred Debt: "BB+"
• Subordinated Tier 2 Debt: "BB-"
• Outlook: "Stabile"

Il miglioramento dell'outlook riflette l'opinione positiva, formulata da parte dell'agenzia di rating, relativamente all'attenuazione dei rischi correlati alla pandemia inerenti in particolare alla qualità dell'attivo e ai conseguenti impatti sulla redditività della banca.

Si allega il comunicato stampa pubblicato da Fitch Ratings.

Sondrio, 1° settembre 2021

BANCA POPOLARE DI SONDRIO SCPA

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Banca Popolare di Sondrio

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CONTATTI SOCIETARI:
Investor Relations	Relazioni esterne
Dott. Michele Minelli	Rag. Paolo Lorenzini
0342-528.745	0342-528.212
[e-mail]	[e-mail]

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Banca Popolare di Sondrio

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Co-operative Society by shares - founded in 1871

Head office and general management: I - 23100 Sondrio So - Piazza Garibaldi 16

Registered in the Register of Companies of Sondrio at no. 00053810149

Registered in the Register of Banks under no. 842.

Parent Bank of the Banca Popolare di Sondrio Banking Group, registered in the Register of Banking Groups under no. 5696.0

Registered in the Register of Cooperative Societies under no. A160536

Member of the Interbank Deposit Protection Fund

Tax code and VAT number: 00053810149

Share Capital € 1,360,157,331 - Reserves € 1,253,388,214 (data approved by the Shareholders' Meeting of 11/5/2021

PRESS RELEASE

Banca Popolare di Sondrio:

Fitch Ratings confirms the long-term issuer default rating at "BB+";

outlook improved to "stable" from "negative".

Please note that today the credit rating agency Fitch Ratings, at the end of its annual review process, confirmed all the ratings assigned to Banca Popolare di Sondrio. The outlook at the same time was raised to "stable" from "negative".

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+"
• Support rating: "5"
• Support rating floor: "No Floor"
• Long-termDeposit Rating: "BBB-"
• Short-termDeposit Rating: "F3"
• Senior Preferred Debt: "BB+"
• Subordinated Tier 2 Debt: "BB-"
• Outlook: "Stable"

The improved outlook reflects the rating agency's positive view regarding the mitigation of risks related to the pandemic, in particular relating to asset quality and the associated impact on the bank's profitability.

The press release issued by Fitch Ratings is attached.

Sondrio, 1st September 2021

BANCA POPOLARE DI SONDRIO SCPA

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Banca Popolare di Sondrio

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COMPANY CONTACTS:
Investor Relations	External Relations
Dott. Michele Minelli	Rag. Paolo Lorenzini
0342-528.745	0342-528.212
[e-mail]	[e-mail]

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

01/09/2021

Fitch Revises Banca Popolare di Sondrio's Outlook to Stable; Affirms at 'BB+'

RATING ACTION COMMENTARY

Fitch Revises Banca Popolare di Sondrio's Outlook to Stable; Affrms at 'BB+'

Wed 01 Sep, 2021 - 12:11 ET

Fitch Ratings - Milan - 01 Sep 2021: Fitch Ratings has revised the Outlook on Banca Popolare di Sondrio's (Sondrio) Long-Term Issuer Default Rating (IDR) to Stable from Negative and affrmed the IDR at 'BB+' and Viability Rating (VR) at 'bb+'. A full list of rating actions is below.

The revision of the Outlook refects our view that the pandemic-related downside risks for the bank's asset quality and proftability have eased. Sondrio's performance in 1H21 and our medium-term expectations for its performance should provide some headroom to absorb moderate deterioration of its proftability and asset quality that may arise from the remaining pandemic-related risks to the economic recovery in Italy.

KEY RATING DRIVERS

IDRS, VR AND SENIOR PREFERRED DEBT

Sondrio's ratings refect its still weak asset quality and modest proftability. However, we expect that the bank's average risk appetite and its credible impaired loan strategy should mitigate asset quality pressure from the pandemic, and that proftability should beneft from loan impairment charges (LICs) remaining under control and strategic initiatives aimed at improving earnings generation.

The ratings also refect the bank's satisfactory regulatory capitalisation and our expectation that it will maintain capital ratios with ample buffers over requirements.

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