Fitch Ratings has today affirmed the long-term credit rating of Bank of Valletta at BBB+ with a stable outlook. 

The rating is based on the Bank's strength as a stand-alone institution, and does not take account of any potential external support.

Fitch stated that its rating reflects the Bank's robust customer funding and liquidity, originating from its leading domestic franchise, and healthy operating profitability.  The Agency commented that BOV's profitability benefits from strong core revenues generated from its commercial business activities, good operating efficiency, and contained loan impairment charges.

BOV Chairman John Cassar White said that the rating confirms the Bank's inherent strength, but warned against complacency.  Over the coming years, BOV will pursue a strategy of consolidation, by way of its Core Banking Transformation programme, by keeping its business model under review, and by taking measures to strengthen its capital buffers, in the light of European regulation.  The objective of this consolidation strategy is to ensure the long-term viability of BOV as a well-capitalised and customer-centric financial services provider.