Fitch Ratings on Aug. 11 upgraded Banca Monte dei Paschi di Siena SpA's long-term issuer default ratings to B from B-, with a stable outlook, and affirmed its short-term rating at B.

The upgrade followed the completion of the bank's recapitalization, which includes a €3.85 billion capital injection from the Italian government.

The agency also removed the bank's ratings from Rating Watch Evolving.

Fitch downgraded the bank's viability rating to "f" from "c" and subsequently upgraded it to "b," reflecting the bank's failure based on the agency's definitions.