Bank of Valletta plc - Fitch affirms BOV’s rating and outlook

International rating agency Fitch affirmed Bank of Valletta’s ratings at Issuer Default ‘A-‘ with Stable Outlook, Short-term ‘F2’, Individual ‘C’ and Support ‘2’.

Fitch said that “the ratings reflect BOV’s position as the largest bank in Malta, improving profitability, sound capitalisation”, and the progress achieved so far in reducing its impaired loans. It added that, “BOV’s profitability has been improving in the past three years. During the financial year to September 2006, BOV’s performance was satisfactory, with a generalised increase in all sources of income and improved cost efficiency”.

The complete report prepared by Fitch is available upon request.

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