Fitch Ratings on Jan. 24 withdrew the ratings of Banca Popolare di Milano SpA and Banco Popolare Società Cooperativa.

The action followed the merger between Popolare di Milano and Banco Popolare Società Cooperativa on Jan. 1 to create Banco BPM SpA, the rating agency said.

The agency also affirmed and withdrew the ratings of units Banca Aletti & C. SpA and Banca Akros SpA and of outstanding debt issued by the two former parent companies.

Fitch Ratings downgraded the two main banks on Dec. 23, 2016, to indicate Banco BPM's weak asset quality metrics, saying it expected to withdraw the issuer ratings of Popolare di Milano and Banco Popolare.