Fitch changes Bank of Valletta view to negative

Fitch Ratings said it revised Bank of Valletta’s outlook to negative from stable and affirmed the bank’s long-term issuer default rating at BBB.

“The negative outlook on BoV reflects the risks from persisting operational risks and from its uncertain ability to strengthen its risk governance in a timely and effective manner. The recent warnings from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA) on operational risk management indicate that the initiatives implemented over the past two years have yet to translate into sufficient improvements in the bank’s monitoring tools, which still lag behind best industry practices,” said Fitch in a press release.

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