February 20, 2017 / 4:57 PM / 9 months ago

BRIEF-Fitch ratings downgrades UBI Banca to 'BBB-'

Feb 20 (Reuters) - Unione Di Banche Italiane:

* Fitch ratings agency says it has downgraded UBI Banca’s rating to ‘BBB-’ from ‘BBB’, outlook negative

* Fitch believes that even if the bank achieves its targeted reduction of non-performing loans (NPLs), capitalisation will remain burdened by a high level of unreserved NPLs

* The ratings agency adds the high level of unreserved impaired loans exposes the bank to changes in the valuation of the collateral for these loans, and the bank is therefore highly vulnerable to a further deterioration of the Italian operating environment Further company coverage: (Reporting by Milan newsroom)

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