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Fitch Upgrades: Positive For BPM But VMUK Has Already Moved

FINANCIALS

Bank rating upgrades - VMUK (VMUK LN) and BPM (BAMI IM) – VMUK moves have already been seen but more credit positive for BPM, we feel:


*Fitch Places VMUK on Rating Watch Positive on Announced Acquisition by Nationwide


*FITCH AFFIRMS BANCO BPM AT 'BBB-'; OUTLOOK STABLE

Fitch Affirms Banco BPM Rating on Strong Franchise, Business Diversification


  • The former is a spread move that we’ve noted already in our recent commentary and makes sense.
  • The latter is a more news-worthy event with its senior non-preferreds now investment grade and likely to make it into relevant indices – therefore credit positive.

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