Credit ratings agency Fitch has affirmed the long-term credit rating of the Bank of Valletta Group at A-, with a stable outlook.

In arriving at its decision, Fitch said it had noted the bank's strong capital and liquidity, the improving quality of its loan book and its prudent business model.

The bank, Fitch said, relied for its funding on a large and stable customer base and kept significant buffers of liquidity. Its investment portfolio was of good quality and conservatively managed.

BOV welcomed the confirmation and said: "This confirmation testifies both to the strength of the bank and also to the stability of the Maltese banking system which, thanks to its prudent risk management practices, has come through the crisis virtually unscathed".

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