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Banco BPM: DBRS Outlook Upgrade, Spreads Have Already Moved YTD

FINANCIALS

DBRS upgrades Banco BPM's LT issuer outlook to positive, confirms BBB LT rating. Spreads and equity have already moved meaningfully YTD after S&P and Moody’s actions in Nov-23.


  • Release cites profitability improvements from rate-related revenue growth, good cost control and solid risk performances.
  • Moody’s double-upgraded the issuer in Nov-23 (to Baa2 from Ba1) and S&P resumed coverage in the same month, too.
  • The equity is up 31% YTD (vs. SX7P +18%) and spreads are around 50bp tighter on average (€IG banks 30bp tighter) though over the last month, has moved 7-8bp wider again (€IG banks +5.9bp), so a strong performer already.
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