(Finance) – Fitch Ratings improved its Long-Term Issuer Default Rating (IDR) by BPER Bank to “BBB-” from “BB+” and the Viability Rating (VR) to “bbb-” from “bb+”. L’outlook And “Stable“.
The upgrade, reads a note from the rating agency, reflects “the progress made by BPER in implementing the strategy of reduction of non-performing loanswhich translates into a significant improvement in asset quality to levels closer to international averages and a reduction in capital invested in non-performing loans”. These improvements have “significantly reduced BPER’s vulnerability to asset quality shocks in Italy at levels in line with equal ratings”.
In addition, the upgrade also considers the strengthening of the bank’s presence in Italyfollowing the recent acquisitions of the Banca Carige and former Intesa Sanpaolo branches, which should contribute to improving operating profitability over time.