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Fitch withdraws Creval's ratings

Fitch Ratings on June 1 affirmed Credito Valtellinese SpA's long- and short-term issuer default ratings at BB-/B and simultaneously withdrew them for commercial reasons.

The rating agency also affirmed and withdrew Creval's "bb-" viability rating, 5 support rating and No Floor support rating floor.

Creval's ratings factor in the completion of the Italian bank's capital increase, as well as the rating agency's expectation that the lender will dispose of €2.1 billion in impaired loans during 2018. The long-term issuer default rating carried a stable outlook, reflecting Fitch's expectation that the bank's overall financial profile will benefit from its planned disposal of nonperforming loans and a return to moderate profitability.