In its credit opinion on Bank of Valletta, Moody’s has re-affirmed BOV’s ratings, all of which carry a stable outlook. Moody’s has confirmed the bank’s standing as the leading banking franchise in Malta, its adequate recurring earning power reflected in stable interest rate margins, ample liquidity and solid funding profile, and acceptable capitalization levels.

Moody’s has commented on the Bank’s dominant market share, having a presence in nearly every aspect of economic life in the country. It also said that diligent recovery operations and better credit vetting practices have resulted in a decline in the absolute level of BOV’s Non-Performing Loans for a third consecutive year. At the same time, the loan book expanded by a further 14% in 2007, culminating in significant containment of BOV’s non performing-to-total loans ratio for the fifth year running. Moody’s noted that the 2008 half yearly results would likely be affected by the current volatility in credit markets, notwithstanding the high quality of BOV’s holdings.

Apart from the D+ bank financial strength rating, which translates into a Baseline Credit Assessment of Baa3, BOV also has a global local currency (GLC) deposit rating of A3/Prime-1, – a three-notch uplift from BOV’s Baa3 Baseline Credit Assessment. BOV’s foreign currency deposit ratings of A3/Prime-1 are unconstrained by Malta’s foreign currency deposit ceiling. The rating for the bank’s US dollar-denominated senior unsecured debt is A3.

Bank of Valletta has welcomed Moody’s re-affirmation of its credit ratings, first assigned to the Bank in 2007. “We are pleased that Moody’s has once again acknowledged the strength of the BOV Brand in Malta, highlighting our dominant domestic franchise, which is bolstered by a solid retail profile as well as good underlying financial fundamentals,” said BOV’s CEO, Tonio Depasquale in his reactions to the Moody’s report.

Mr. Depasquale said that the fact that Moody’s has confirmed all BOV’s ratings and kept the stable outlook for all of the bank’s ratings is particularly welcome at this time of extreme volatility in the international financial markets, and the negative impact of the credit crunch on the earnings of financial institutions internationally.

In its credit opinion on Bank of Valletta issued on Monday afternoon, Moody’s has re-affirmed BOV’s ratings, all of which carry a stable outlook. Moody’s has confirmed the bank’s standing as the leading banking franchise in Malta, its adequate recurring earning power reflected in stable interest rate margins, ample liquidity and solid funding profile, and acceptable capitalization levels.

Moody’s has commented on the Bank’s dominant market share, having a presence in nearly every aspect of economic life in the country. It also said that diligent recovery operations and better credit vetting practices have resulted in a decline in the absolute level of BOV’s Non-Performing Loans for a third consecutive year. At the same time, the loan book expanded by a further 14% in 2007, culminating in significant containment of BOV’s non performing-to-total loans ratio for the fifth year running. Moody’s noted that the 2008 half yearly results would likely be affected by the current volatility in credit markets, notwithstanding the high quality of BOV’s holdings.

Apart from the D+ bank financial strength rating, which translates into a Baseline Credit Assessment of Baa3, BOV also has a global local currency (GLC) deposit rating of A3/Prime-1, – a three-notch uplift from BOV’s Baa3 Baseline Credit Assessment. BOV’s foreign currency deposit ratings of A3/Prime-1 are unconstrained by Malta’s foreign currency deposit ceiling. The rating for the bank’s US dollar-denominated senior unsecured debt is A3.

Bank of Valletta has welcomed Moody’s re-affirmation of its credit ratings, first assigned to the Bank in 2007. “We are pleased that Moody’s has once again acknowledged the strength of the BOV Brand in Malta, highlighting our dominant domestic franchise, which is bolstered by a solid retail profile as well as good underlying financial fundamentals,” said BOV’s CEO, Tonio Depasquale in his reactions to the Moody’s report.

Mr. Depasquale said that the fact that Moody’s has confirmed all BOV’s ratings and kept the stable outlook for all of the bank’s ratings is particularly welcome at this time of extreme volatility in the international financial markets, and the negative impact of the credit crunch on the earnings of financial institutions internationally.