Fitch: rating actions on Italian banks due to the reduction in growth prospects and uncertainties related to the health emergency
Fitch: rating actions on Italian banks due to the reduction in growth prospects and uncertainties related to the health emergency
Modena – 24 March 2020
BPER Banca informs that today the rating agency Fitch, within the various rating actions taken on Italian banks, has placed BPER’s Long-Term Issuer Default Rating, Viability Rating and some debt ratings on Rating Watch Negative (“RWN”) as a consequence of the uncertainties about the economic impacts and financial markets relating to the health emergency in Italy.
BPER’s ratings are as indicated below:
· Long-term Issuer Default Rating: ‘BB’ placed on RWN
· Short-term Issuer Default Rating: affirmed at ‘B’
· Viability Rating: ‘bb’ placed on RWN
· Support Rating: affirmed at ‘5’
· Support Rating Floor: affirmed at ‘No Floor’
· Long-term Senior Unsecured Rating: ‘BB’ placed on RWN
· Long-term Deposit Rating: upgraded at ‘BB+’[1] from ‘BB’ and placed on RWN
· Subordinated debt: downgraded at ‘B+’1 from ‘BB-‘ and placed on RWN
The original text of the press release published by Fitch is available on the rating agency’s website (www.fitchrating.com).
[1] The Long-term Deposit Rating and the Subordinated Tier 2 debt of the Bank were placed under criteria observation (“UCO”) on 4 March 2020 to reflect an update of the Bank Rating Criteria primarily related to the continuing regulatory developments in bank resolution.