MILAN / LONDON, December 19 (Reuters) – Fitch cut its rating issuer of long-term Banco Desio to ‘BBB’ from ‘BBB +’ with a stable outlook and the viability to ‘BBB’ from ‘BBB +’ by removing both from rating watch negative.
The decision follows the completion of the acquisition of the Popular Spoleto, it said in a statement.
The downgrade reflects the deterioration expected asset quality of Banco Desio and, to a lesser extent, of its capital as a result of the acquisition of the Popular Spoleto. However, it is limited to one notch as Fitch expects the group benefits from cost synergies and cross-selling opprtunità that in the medium term will support profitability.
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