Lisbon, June 20, 2025 (Lusa) - The financial rating agency Fitch has improved Novo Banco’s rating outlook to “positive”, as the bank is expected to benefit from the support of its new shareholder, France’s BPCE, which has a higher debt rating.

Fitch has maintained Novo Banco’s long- and short-term debt ratings at ‘BBB’ and ‘F2’, respectively, but has improved the outlook to “positive”, according to a statement sent by Novo Banco to the Portuguese Securities Market Commission (CMVM).

This change in outlook indicates that the bank’s debt quality assessment may be revised upwards.

“This financial rating action reflects Fitch’s view that Novo Banco, if acquired by Groupe BPCE, will most likely benefit from the support of its shareholder, which has a higher financial rating,” the bank explained in the same communication to investors.

The French BPCE, which on June 13 signed a memorandum of understanding with Nani Holdings for the acquisition of Novo Banco, currently has an ‘A’ rating with a ‘stable’ outlook.

According to Novo Banco, Moody’s, another rating agency, has reaffirmed the bank’s financial ratings, also indicating an improvement “if the acquisition of the bank by Groupe BPCE is successfully completed”.

Lone Star has reached an agreement with French banking group BPCE for the sale of 100% of Novo Banco in a deal valued at €6.4 billion.

The transaction is expected to be completed in the first half of 2026.

PSC/AYLS // AYLS

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