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Fitch upgrades Banca Popolare di Vicenza's debt, affirms Veneto Banca ratings

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Fitch upgrades Banca Popolare di Vicenza's debt, affirms Veneto Banca ratings

Fitch Ratings on Aug. 2 upgraded Banca Popolare di Vicenza SpA's debt and affirmed certain ratings of Veneto Banca SpA, after the notes of both banks were transferred to Intesa Sanpaolo SpA.

The agency upgraded the long-term senior unsecured debt of Banca Popolare di Vicenza to BBB from CCC/RR4 and removed the rating from Rating Watch Positive. The agency also affirmed the bank's long- and short-term issuer default ratings at D, its viability rating at "f", its 5 support rating and the No Floor support rating floor. The ratings were subsequently withdrawn.

At the same time, Fitch affirmed the state-guaranteed debt for both banks at BBB.

The Italian Senate approved a government decree to liquidate both banks in late July, passing the measure for the rescue of the two lenders into law.