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DBRS raises Banca Iccrea
DBRS said it raised its issuer rating for Iccrea Banca SpA to BBB(low) from BB+.
“The upgrade reflects the Gruppo Bancario Cooperativo Iccrea (GBCI or the Group)’s continued progress in improving its asset quality profile by reducing its stock of non-performing loans (NPLs) while keeping robust coverage levels and solid capital buffers. In our view, the Group is in a stronger position to face the risks stemming from the ongoing economic slowdown, high inflation and higher interest rates.
“The upgrade also takes into account the improvement in core profitability achieved through higher interest margins, a lower burden from loan provisioning given the stronger risk profile, and a number of initiatives aimed at boosting fee income and efficiency,” the agency said in a press release.
The trend is stable.
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