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] TheLong-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.