Fitch upgrades Finlombarda to BBB

Fitch Ratings said it upgraded Finlombarda’s long-term foreign- and local-currency issuer default ratings to BBB from BBB-.

The upgrade brings the company into line the rating on the region of Lombardy, Fitch said. The rating also reflects the government’s guarantee on more than 75% of Finlombarda’s liabilities.

“Fitch expects a growing role for Finlombarda in the aftermath of the coronavirus pandemic by way of stronger demand for loans at favorable concessionary terms, in order to ease strains for small to medium enterprises (SMEs),” the agency said in a press release.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.