(Finance) – The Morningstar DBRS (DBRS) rating agency today revised the rating trend on long-term deposits of BPM deskwhile confirming the ratings of this type, both long and short term.
This rating action, explains a note, follows the improvement in the trend on Italy’s Long-Term Foreign and Local Currency Issuer Rating, from ‘Stable’ to ‘Positive’, which occurred on 25 October 2024, with simultaneous confirmation of the rating sovereign at BBB (high).
On 18 April 2024, the note recalls, DBRS had already improved, from ‘Stable’ to ‘Positive’, both for the short and long term, the Trend of the Issuer Rating and the rating on the senior debt of Banco BPM. It follows that Banco BPM’s long-term deposit rating is now fully aligned with Italy’s recent rating, while the ‘Positive’ trend in Issuer ratings/senior debt ratings reflects the improvements achieved by the Group in profitability and credit quality, as well as the commitment to achieve further progress with the implementation of the Strategic Plan.
Today’s decision by DBRS, we read in a note, further consolidates Banco BPM’s position in the Investment Grade category, within which the other rating agencies have also recently recognized the strengthening of the Group’s financial profile, in particular on profitability , asset quality and capitalisation, together with the Group’s strong funding and liquidity position.