Fitch downgrades Iccrea Banca

Fitch Ratings said it downgraded the long-term issuer default rating on Iccrea Banca and its main subsidiary Iccrea BancaImpresa's to BB from BB+ and viability ratings to BB from BB+.

The outlook is stable.

The downgrades primarily reflect a view that the de-leveraging of the group's non-performing loans will be significantly slower than its domestic peers, Fitch said.

The ratings consider the group's moderate franchise as a central institution for the Italian mutual banks, the agency said.

The ratings also reflect a view that profitability is lower than its average peers, Fitch said.

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