Fitch boosts Banca Nazionale del Lavoro

Fitch Ratings said it upgraded Banca Nazionale del Lavoro SpA's long-term issuer default rating to BBB+ from BBB.

The rating action follows the agency’s upgrade of Italy's sovereign rating to BBB from BBB- on Dec. 3, Fitch said.

The IDR reflects shareholder support from BNP Paribas SA as the agency said it considers BNL as core to the parent's strategy and Italy an important market for the group.

“BNL's performance is supported by synergies and integration with the parent, and a wide range of shared risk management and operational practices, and products. BNPP has a strong ability to provide support if needed, as BNL's modest size relative to the group is unlikely to represent a constraint,” Fitch said in a press release.

The outlook is stable.

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