Fitch Ratings has downgraded Bank of Valletta’s support rating from two to five.

The bank said that the rating evaluated the likelihood it would receive extraordinary support in case of need, typically from national authorities. Fitch’s action, it said, did not reflect any concern about the ability or willingness of the government to help banks, but reflected Fitch’s opinion that recent regulatory initiatives had reduced sovereign support for commercial banks worldwide.

Fitch’s action does not in any way affect BOV’s long-term credit rating of BBB+ with a stable outlook.