Fitch improves Montepio’s mortgage covered bonds
The US agency upgraded the rating of Banco Montepio's mortgage covered bonds by one notch, from AA- to AA.
Fitch upgraded the rating on Banco Montepio’s mortgage covered bonds from AA- to AA, reinforcing the “risk classification in the Investment Grade category,” the Portuguese bank said in a statement.
The decision is justified in the wake of Banco Montepio’s long-term rating increase, given “the successful execution of the de-risking plan, which has led to a reduction of risk in the balance sheet, namely through the reduction of non-performing assets and non-strategic assets, to the benefit of the capital position,” reads the press release.
On Monday, the US financial ratings agency had raised Montepio’s long-term rating by one notch, from “B-” to “B”.
