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Fitch rates BPER notes BB-

Fitch Ratings said it assigned a BB- long-term rating to the subordinated tier 2 debt of BPER Banca SpA (BB/stable). The notes were issued under the bank’s €6 billion euro medium-term note program and contain contractual loss-absorption features, which will be triggered only at the point of non-viability of the bank.

The agency said the notes are rated one notch below the bank’s viability rating to reflect their below-average recovery prospects in case of their non-performance.

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