FITCH UPGRADED CREDEM'S RATINGS

Today Fitch Ratings upgraded Credem's Long-Term Issuer Default Rating (IDR) to 'BBB' from 'BBB-' and the Viability Rating (VR) to 'bbb' from 'bbb-'. The Outlook on the Long-Term IDR is Stable.

The rating action followed the upgrade, on 3 December 2021, of Italy's sovereign rating to 'BBB'/Stable from 'BBB-'/Stable, which represented a cap for Credem's ratings. Italy's sovereign upgrade and its stronger economic performance and prospects also supported the revision of the operating environment score for Italian banks to 'bbb' from 'bbb-'.

As regards Credem, the ratings upgrade primarily reflected the benefits from a stronger and more stable environment, which should result in reduced risks and support the bank's historically better than domestic sector average asset quality performance through cycles. Credem's ratings also reflected its established wealth management and insurance operations, which provide it with more revenue diversification than most direct domestic peers'.

As a consequence of the above rating action, Credem's ratings are as follows:

  • Long Term IDR: upgraded at 'BBB' from 'BBB-', Outlook Stable
  • Short Term IDR: affirmed at 'F3'
  • Viability Rating: upgraded at 'bbb' from 'bbb-'
  • Long-TermDeposit Rating: upgraded at 'BBB+' from 'BBB'
  • Short-TermDeposit Rating: upgraded at 'F2' from 'F3'
  • Derivative Counterparty Rating: upgraded at 'BBB(dcr)' from 'BBB-(dcr)'
  • Senior non Preferred Debt: upgraded at 'BBB-' from 'BB+'
  • Subordinated Debt: upgraded at 'BB+' from 'BB'

The original Fitch Ratings' press release is available on the agency's website.

Reggio Emilia, December 17, 2021

CREDITO EMILIANO SPA (Chairman)

Lucio Igino Zanon di Valgiurata

CONTACTS

Media relations Credem

Investor relations Credem

+39.0522.582075 - +39.02.77426202

+39.0522.583076 - 3741

rel@credem.it

investor@credem.it

www.credem.it

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CREDEM - Credito Emiliano S.p.A. published this content on 17 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 December 2021 16:58:01 UTC.