{"id":11051,"date":"2022-09-28T00:00:00","date_gmt":"2022-09-27T22:00:00","guid":{"rendered":"https:\/\/creandgroup.com\/press-notes\/fitch-affirms-credit-andorras-rating-at-bbb-and-highlights-its-strength-and-improved-profitability\/"},"modified":"2023-05-11T22:31:08","modified_gmt":"2023-05-11T20:31:08","slug":"fitch-affirms-credit-andorras-rating-at-bbb-and-highlights-its-strength-and-improved-profitability","status":"publish","type":"press-notes","link":"https:\/\/creandgroup.com\/en\/press-notes\/fitch-affirms-credit-andorras-rating-at-bbb-and-highlights-its-strength-and-improved-profitability\/","title":{"rendered":"Fitch affirms Cr\u00e8dit Andorr\u00e0&#8217;s rating at &#8216;BBB-&#8216; and highlights its strength and improved profitability"},"content":{"rendered":"<ul>\n<li><strong>The ratings agency upgrades the outlook to stable as a result of growth and improved profitability following the merger with Vall Banc. <\/strong><\/li>\n<li><strong>The report highlights the bank\u2019s adequate capitalisation and its sound liquidity.<\/strong><\/li>\n<\/ul>\n<p>Fitch Ratings has affirmed Cr\u00e8dit Andorr\u00e0\u2019s long-term rating at \u2018BBB-\u2019 and upgraded the outlook to stable. The agency viewed the completion of the Vall Banc merger and the operational integration of both banks very positively, emphasising the fact that Cr\u00e8dit Andorr\u00e0\u2019s \u201cstrong position in Andorra will be further strengthened by Vall Banc\u2019s acquisition, which will result in enhanced domestic market shares and an improved earnings generation capacity\u201d. The report also highlights the bank\u2019s \u201cadequate capitalisation\u201d and its sound liquidity.<\/p>\n<p>The rating reflects Fitch\u2019s view that Cr\u00e8dit Andorr\u00e0 will continue to improve its profitability thanks to the acquisition of Vall Banc, organic growth in business volume and the positive trend in interest rates. The agency also underlines the bank\u2019s leading Andorran retail- and private-banking franchise, which is further strengthened by the acquisition of Vall Banc. Moreover, the rating underscores the consolidation of the international private-banking business, mainly in Luxembourg, Spain and Miami, the profitability of which complements the domestic franchise.<\/p>\n<p>The ratings agency\u2019s assessment has also taken into account the good outlook for Andorra\u2019s economic and financial environment, which led to Fitch upgrading the country\u2019s rating to \u2018A-\u2019 with a stable outlook. Fitch also viewed as positive for the Andorran banking system the bill proposed by the Government for the creation of foreign-exchange reserves and the financial system\u2019s access to assistance in the form of emergency liquidity to mitigate the lack of a lender of last resort.<\/p>\n<p>Xavier Cornella, CEO of the Cr\u00e8dit Andorr\u00e0 Group, stated that \u201cthe fact that Fitch has affirmed our rating and upgraded the outlook to stable confirms that we are stronger today, and that our leadership, following the acquisition of Vall Banc, is consolidated in the Andorran financial market. This rating endorses our strategy to continue growing alongside our clients and alongside Andorra\u201d.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"author":12,"featured_media":5759,"template":"","categories":[400,406],"tags":[566],"class_list":["post-11051","press-notes","type-press-notes","status-publish","has-post-thumbnail","hentry","category-corporate","category-certifications","tag-fitch"],"acf":[],"_links":{"self":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/press-notes\/11051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/press-notes"}],"about":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/types\/press-notes"}],"author":[{"embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/users\/12"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/media\/5759"}],"wp:attachment":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/media?parent=11051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/categories?post=11051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/tags?post=11051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}