(Finance) – The rating agency Moody’s has improved the ratings of Banca Monte dei Paschi di Siena by 1 notch (a step), bringing the standalone rating Baseline Credit Assessment (BCA) to “ba2” from “ba3”, the long-term deposit rating a “Baa3” from “Ba1” and the long-term senior unsecured debt a “Ba2” from “Ba3”.
Moody’s upgrade – informs the Bank – reflects the improvement of creditworthiness of the Bank in recent years, as well as the strengthening of its own solvency and restored ability to generate profitsalso thanks to the 2.5 billion euro capital increase and the favorable interest rate environment.
The improvement of ratings takes into account also the increase in financial soliditystrengthened by 2023 profits, with a level of CET1 ratio fully loaded which as of March 31, 2024 is even at 18.2%, well above the 2026 target of the Industrial Plan.
The outlook on the long-term ratings of MPS’s deposits and senior unsecured debt was upgraded to stable.