Fitch raises Unicredit

Fitch Ratings said it upgraded Unicredit SpA's long-term issuer default rating to BBB from BBB-.

The rating action follows the agency’s upgrade of Italy's sovereign rating to BBB from BBB- on Dec. 3, Fitch said.

“The upgrade primarily reflects the benefits to Unicredit's risk and business profile from operating in a stronger and more stable operating environment, which should result in reduced risks and greater potential for the bank to generate stronger and more sustainable profits,” Fitch said in a press release.

The outlook is stable.

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