Bank of Valletta plc - Fitch reaffirms ‘BBB+’ rating

On 2 December, Fitch Ratings affirmed the long-term credit rating of Bank of Valletta plc at ‘BBB+’ with a stable outlook on the back of the leading domestic franchise as well as a robust customer funding base and liquidity position.

The international rating agency positively noted BOV’s strong core revenues generated from its commercial business activities, good operating efficiency and contained loan impairment charges.

BOV Chairman Mr John Cassar White welcomed the report but warned against complacency. Mr Cassar White added that over the coming years, BOV will pursue a strategy of consolidation, through its Core Banking Transformation programme, by keeping its business model under review, and by taking measures to strengthen its capital buffers, in the light of European regulation. The objective of this consolidation strategy is to ensure the long-term viability of BOV as a well-capitalised and customer-centric financial services provider.