Fitch upgrades Agos Ducato

Fitch Ratings said it upgraded Agos Ducato's long-term issuer default rating to A- from BBB+ and short-term issuer default rating to F1 from F2.

The outlook is stable.

The action follows the recent upgrade of the ratings on Agos's direct and ultimate parents, CA Consumer Finance and Credit Agricole, Fitch said.

The ratings are driven by support from the parent companies, the agency said.

The upgrades on Agos reflect the now stronger ability of CA Consumer Finance and Credit Agricole to support their subsidiary, Fitch explained.

The two-notch difference between the ratings reflects Agos's majority – but not full ownership – by CA Consumer Finance, the agency said.

Fitch said that Agos is not a core subsidiary, but a strategically important subsidiary in strategically important country (Italy) for the Credit Agricole group.

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