Credit rating agency Fitch has left Bank of Valletta’s long-term rating unchanged since February 2013 at investment grade BBB+.

The bank’s long-term rating was given a “stable forward outlook” but its support rating floor (SRF) was revised to BBB – following the recent one notch downgrade of Malta’s sovereign rating, the first such downgrade since Malta joined the euro in 2008.

The bank explained that the SRF did not assess its credit quality but rather communicated Fitch’s view on the ability of the sovereign – the Maltese Government – to support the bank if this should ever become necessary.

All other ratings remained unaffected.

BOV chairman John Cassar White expressed satisfaction on the affirmation of the bank’s long-term rating.

“The bank’s core business remains robust with a strong balance sheet and capital position,” said Mr Cassar White. “This will ensure that BOV continues to reinforce its commitment to support the Maltese economy.”