24 December 2021, Moscow. Fitch Ratings has upgraded Banca Intesa's Long-Term Issuer Default Rating IDR to 'BBB-' from 'BB+'. The Outlook is Stable.
The ratings actions follow the upgrade of the Long-Term IDR of the banks' parent, Intesa Sanpaolo SpA (ISP) to 'BBB'/Stable, preceded by an upgrade on Italy's sovereign rating.
Fitch has withdrawn Banca Intesa's Support Rating as it is no longer relevant to the agency's coverage following the publication of its updated Bank Rating Criteria on 12 November 2021. In line with the updated criteria, we have assigned to Banca Intesa an SSR of 'bbb-
Banca Intesa's IDR and SSR reflect the high likelihood of support from ISP, considering the strategic importance of the Russian market, its strong integration and the high reputational risk in case of a subsidiary default.
“The assignment of an investment grade rating reflects the increased reliability of Banca Intesa and opens up prospects for expanding cooperation with existing and new customers. The support of Europe's leading banking group Intesa Sanpaolo significantly expands the geography and directions of business development," said Oleg Dzhus, Director of the Treasury of Banca Intesa.