Fitch Ratings has affirmed the long-term credit rating of Bank of Valletta at BBB+ with a stable outlook.

The rating is based on the bank's strength as a stand-alone institution, and does not take account of any potential external support.

In a statement this afternoon, BOV said Fitch stated that its rating reflected the bank’s robust customer funding and liquidity, originating from its leading domestic franchise, and healthy operating profitability.

The bank said the agency commented that BOV's profitability benefitted from strong core revenues generated from its commercial business activities, good operating efficiency, and contained loan impairment charges.

Chairman John Cassar White said that the rating confirmed the bank’s inherent strength, but warned against complacency.

"Over the coming years, BOV will pursue a strategy of consolidation, by way of its core banking transformation programme, by keeping its business model under review, and by taking measures to strengthen its capital buffers, in the light of European regulation.

"The objective of this consolidation strategy is to ensure the long-term viability of BOV as a well-capitalised and customer-centric financial services provider," he said.