Scope Ratings has updated its issuer report on Banca Popolare di Sondrio, rated BBB with Stable Outlook.

Rating affirmation reflects the recent strong operating performance as well as solid asset quality and solvency metrics.

The periodic review has resulted in no rating action.

Rating upgrade reflects group's successfull efforts in de-risking its balance sheet while remaining profitable and maintaining sound solvency metrics.

Scope Ratings has updated its analytical report on Banca Popolare di Sondrio SpA, rated BBB- with Positive Outlook.

The change in Outlook is driven by the improvement in the group’s financial fundamentals.

Following the affirmation of the issuer rating of BBB- with stable outlook on March 31, Scope has updated its analysis on Banca Popolare di Sondrio SCpA.

The affirmation reflects the group's derisking of NPEs in 2020, which offsets the increased uncertainty over credit losses from performing loans due to the Covid-19 pandemic.

Following the removal of the positive outlook last week, Scope has updated its analysis on Banca Popolare di Sondrio.

The change in the outlook reflects Scope’s view that upside and downside risks to the BBB- rating are fairly balanced.