Bank of Valletta noted that following the publication of its annual results last week, Moody’s have revised the Bank’s deposit and debt ratings from A3/Prime 1 to Baa/Prime 2. The Bank Financial Strength Rating (BFSR) was reaffirmed and remained unchanged at D+. BOV also noted with satisfaction that Moody’s have confirmed that all ratings have retained a stable outlook, notwithstanding the current international financial crisis.

BOV observed that the revised ratings stemmed from the impact that the recent financial turmoil had on its results for the year ended 30 September 2008. BOV also noted that the dislocation in the financial markets had caused Moody’s and other credit rating agencies to revise the ratings of many banks and other financial institutions over the course of the past 12 months.