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DBRS revises trend on Italy's Banco BPM

DBRS on Dec. 13 confirmed the ratings of Italy-based Banco BPM SpA, including its BBB(low)/R-2(middle) long- and short-term issuer ratings, and revised the trend to stable from negative.

The rating agency also made similar actions on the same ratings of Banco BPM unit Banca Akros SpA. Also maintained were Banco BPM's BBB(low) intrinsic assessment and SA3 support assessment. Banca Akros' support assessment was maintained at SA1.

DBRS noted that Banco BPM's ratings and the stable trend incorporate the expectation that the bank will complete its planned disposal of nonperforming exposures within the anticipated time frame. The agency, however, added that the bank's NPE stock would still be large after the disposal.

The bank's ratings also reflect modest profitability levels and the challenges arising from Italy's difficult economic environment and higher sovereign bond yields, according to the agency.