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Fitch downgrades Italy-based Banca UBAE

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Fitch downgrades Italy-based Banca UBAE

Fitch Ratings on July 27 downgraded Banca UBAE SpA's long-term issuer default rating to BB- from BB, with a stable outlook.

Fitch also downgraded the Italian bank's viability rating to "bb-" from "bb" and affirmed its B short-term issuer default rating and 5 support rating.

The downgrade of Banca UBAE reflects its weakened business model flexibility and increased execution risk of its strategy in light of capital adequacy constraints. The stable outlook is based on the agency's view that further risks to the bank's viability and issuer default ratings are adequately captured at the new rating level.

Banca UBAE is majority-owned by the Libyan Foreign Bank and operates in the trade finance sector for dealings between Italy and the Middle East and North Africa region.