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Fitch raises Carige's viability rating following recapitalization

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Fitch raises Carige's viability rating following recapitalization

Fitch Ratings on Dec. 13 downgraded Banca Carige SpA's viability rating to "f" from "c" and subsequently upgraded it to "ccc+."

The rating actions followed the Italian lender's recapitalization through the issuance of a €320 million Tier 2 subordinated bond, which according to the agency has reduced downside risks for the bank's senior creditors and the risk of regulatory intervention. Fitch also regards the recapitalization as an extraordinary provision of support necessary to restore the lender's viability and ensure its compliance with the minimum total requirement requested by the ECB.

Fitch said the subsequent upgrade of the viability rating reflects its view of Carige's restored viability following the recapitalization.

The agency simultaneously affirmed Carige's CCC+/C long- and short-term issuer default ratings, 5 support rating and No Floor support rating floor.