Fitch revises Multitude view to positive

Fitch Ratings said it revised Multitude SE's and its fully-owned operating bank Multitude Bank plc's outlooks to positive from stable while affirming their B+ long-term issuer default ratings. The agency also affirmed Multitude's senior unsecured notes at B+ with a recovery rating of RR4 and its subordinated hybrid perpetual capital notes at B-/RR6.

The outlook change reflects Multitude's improving business volumes, diversification and profitability since the pandemic, adequate capitalization, supported by prudential requirements at Multitude Bank, and access to granular, albeit price-sensitive, retail deposits for funding,” the agency said in a press release.

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