DBRS Morningstar today upgraded Novobanco’s Long-Term Issuer Rating to BB (low) from B (high), a 1-notch upgrade with Stable trending across all ratings. The upgrade reflects Novobank’s progress in implementing its restructuring plan, including the improvement of the Bank’s profitability, capital and asset quality. In the rating action announced today, DBRS Morningstar also considered that the Stable trend reflects the view that “risks are broadly balanced. The improvements achieved to date place the Bank in a stronger position to cope with a more challenging operating environment due to rising interest rates and the economic slowdown.”

Souce: LinkedIn Novobanco