Fitch Ratings today confirmed Bank of Valletta's Long-Term Issuer Default rating at 'A -’ (A minus) with a stable outlook. The short-term rating was also affirmed at 'F2’, the Individual rating at 'C' and the Support rating at '2'.

Fitch said that the ratings ’reflect BOV’s position as Malta's largest bank, its conservative management, satisfactory liquidity and acceptable capital ratios'.

Whilst commenting on the level of profitability recorded in the financial year ended September 2008, which was lower than that seen in previous years on account of the international credit crisis, the rating agency took note of the bank's sound liquidity, its large and stable deposit base and its strong market shares in deposits and loans of 46% and 41% respectively. Fitch also commented on the bank's asset quality indicators which have improved steadily since 2002 as well as on its cautious investment strategies.

BOV's Chief Executive Officer, Tonio Depasquale expressed his satisfaction at Fitch’s recognition of the Group’s prudent capital and liquidity management. He added that BOV was very satisfied that the efforts of the management to consolidate its position as Malta's premier financial institution have been recognised by Fitch. Mr Depasquale added that thebank was confident in its ability to maintain this position in the years to come, despite the challenges that lie ahead.