Ficth raises the rating on Montepio’s senior unsecured debt

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The financial rating agency raised the rating on Banco Montepio’s senior unsecured debt from ‘B-‘ to ‘B+’ and maintained the positive outlook, the bank said in a statement.

According to the bank, this is “the third consecutive rise in this rating in the last twelve months.

Montepio says that, according to Fitch, the improvement in the rating is due to management measures implemented by Banco Montepio that led to the reduction of risk in the bank’s balance sheet, especially the reduction of non-performing loans with improvement of its capital.

Other ratings were also revised upwards, such as the long-term deposit rating (B+ to BB-).

The bank also says that the rating agency maintains a positive outlook, so “further rating increases are expected.

Banco Montepio had profits of 35.3 million euros in the first quarter of 2023, more than three times the 11.4 million euros in the same period of 2022.

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