Fitch Ratings on Friday night
upgraded Banca Monte dei Paschi di Siena's ratings by two
notches, raising the Long-Term Issuer Default Rating to BB from
B+ and the Viability Rating to BB from B+, with the outlook
confirmed as stable.
The upgrade "reflects the success of the restructuring process,
which has enabled the Bank to structurally rebuild strong
capital buffers and strengthen operating profitability," a note
explained.
The rating upgrade also reflects the stability of the deposit
base, as well as the ability to access the institutional bond
market after a period of absence.
Economy Minister Giancarlo Giorgetti told a press
conference on the 2024 budget last month that the privatization
of the Tuscan lender, the world's oldest bank still in
business, will be completed by the end of next year.
The State has owned 64.2% of the bank since a bailout in 2017.
The economy ministry said recently the privatization will take
place at the time best suited to getting the most value from the
State's stake.
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