Bank of Valletta plc - Fitch confirms BOV rating

On 6 February 2013, the international rating agency Fitch Ratings confirmed the credit rating of Bank of Valletta plc at ‘BBB+’ with a stable outlook. The rating was based on the Bank’s strong domestic franchise, stable funding model and a healthy liquidity position. In this respect, Fitch noted that the Bank has a wide customer deposit base and €900 million in unencumbered marketable assets.

The rating agency further commented that BOV’s operating profitability was resilient even in times of low interest rates, a non-favourable scenario for banks, whilst also lauding the Bank’s prudent provisioning and regulatory capital ratios.

Looking ahead, Fitch expects BOV to continue sustaining its profitability.

Commenting on this announcement, BOV Group CEO Charles Borg expressed his satisfaction and stated that this decision is supportive of the Group’s sound governance and prudent policies as well as BOV’s position as the bank of choice for customer deposits.