(Alliance News) - Banca Popolare di Sondrio Spa announced Wednesday that the agency Fitch Ratings, upon completion of its annual rating review process, has improved the bank's credit rating.

Specifically, the long-term issuer default rating now stands at the investment grade level of 'BBB-', with a Stable outlook.

In detail, short-term issuer default rating is 'F3', viability rating: is 'bbb-', government support rating is 'ns', long-term deposit rating is 'BBB', short-term deposit rating is 'F3', senior preferred debt is 'BBB-' and subordinated Tier 2 debt is 'BB'.

"With today's improved rating from Fitch, Banca Popolare di Sondrio's creditworthiness is now considered investment grade by all rating agencies that rate us, with full recognition of the intense work done in recent years both on the derisking front and on the structural strengthening front in various strategic areas," said Mario Alberto Pedranzini, managing director and general manager of Banca Popolare di Sondrio.

"This is cause for particular satisfaction because we believe that corporate solidity is the fundamental requirement to continue - in keeping with the statutory mission - to effectively support the territories and communities in which we operate, opening up to new markets. Leveraging the operational efficiency that has always distinguished us, we will continue to work to strengthen our business model, aiming to diversify on the one hand, consolidate on the other, the areas of action. The goal is to create value over a medium- to long-term horizon for all stakeholders, giving particular impetus to economic sectors that foster growth."

Banca Popolare di Sondrio's stock closed Wednesday down 0.1 percent at EUR7.51 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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