Moody's have revised Bank of Valletta's deposit and debt ratings from A3/Prime 1 to Baa/Prime 2 following the publication of the annual reports last week, BOV said yesterday.

The Bank Financial Strength Rating (BFSR) was reaffirmed and remained unchanged at D+.

BOV also noted with satisfaction that Moody's have confirmed that all ratings have retained a stable outlook, notwithstanding the prevailing international financial crisis.

BOV observed that the revised ratings stemmed from the impact that the recent financial turmoil had on its results for the year ended this September 30.

The bank also noted that the "dislocation" in the financial markets had caused Moody's and other credit rating agencies to revise the ratings of many banks and other financial institutions over the course of the past 12 months.

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