Fitch ups Vicenza bonds

Fitch Ratings said it affirmed and withdrew Banca Popolare di Vicenza SpA's issuer default ratings, viability rating, support rating and support rating floor, as well as the bank's subordinated debt rating.

The agency also upgraded Vicenza's senior unsecured bonds to BBB from CCC/RR4 and removed them from rating watch positive (RWP).

At the same time, the state-guaranteed senior debt of Vicenza and another Italian bank Veneto Banca SpA was affirmed at BBB. The bonds of both banks were transferred to Intesa Sanpaolo SpA (IntesaSP).

Fitch said the upgrade of Vicenza's senior unsecured bonds follows the conversion into Law of the June 25 Law Decree that placed Vicenza and Veneto Banca under liquidation. The conversion means that Fitch now considers the transfer of senior debt from Vicenza to IntesaSP final.

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