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S&P downgrades Malta-based Bank of Valletta

Aug 02, 2019 - SNL European Financials Daily

S&P Global Ratings on July 31 downgraded Bank of Valletta PLC's long- and short-term issuer credit ratings to BBB-/A-3 from BBB/A-2, and changed the outlook on the long-term ratings to stable from negative.

The agency also downgraded the Maltese bank's long-term resolution counterparty rating to BBB from BBB+ and affirmed its A-2 short-term resolution counterparty rating.

The downgrades reflect the agency's doubts about the robustness of Bank of Valletta's operational risk management...