- The upgrade reflects the improvement in the profitability of the Cassa Centrale Group, the extremely prudent policies for managing non-performing loans, and the high level of capitalisation.
- Long-Term Issuer Rating upgraded to BBB from BBB (low), with a Stable trend.
- Long-Term Deposits upgraded to BBB (high), with a Stable trend.
Trento, 27 November 2024 – Rating agency Morningstar DBRS (DBRS) today upgraded Cassa Centrale Banca's ratings as specified below:
|
Rating type |
Rating |
Trend |
|
Long-Term Issuer Rating/Long-Term Senior Debt |
BBB |
Stable |
|
Short-Term Issuer Rating/Short-Term Debt |
R-2 (high) |
Stable |
|
Long-Term Deposits |
BBB (high) |
Stable |
|
Short-Term Deposits |
R-1 (low) |
Stable |
The rating action took into account the improvement in the profitability of the Cassa Centrale Group and the enhanced earning generation capacity throughout the projected period, driven by initiatives to diversify income sources and optimise cost efficiency.
At the same time, DBRS highlighted that the Group's extremely prudent policies for covering non-performing loans and its high level of capitalisation — both significantly above the industry average — place the Cooperative Banking Group in a strong position to navigate potential future risk scenarios.
Sandro Bolognesi, Chief Executive Officer of Cassa Centrale Banca, stated: “We are very pleased with Morningstar DBRS's decision, which serves as authoritative recognition of the progress made by the Cassa Centrale Group. The Group’s solid profitability, capital and financial fundamentals enable us to maintain a high capacity for investment in innovation, aligned with the objectives of the Strategic Plan”.
For further details on today’s rating action, please refer to the DBRS press release.