Fitch Ratings has upgraded Intesa Sanpaolo's long-term senior preferred (unsecured) rating to 'A-' from 'BBB', its short-term deposit rating to 'F1' from 'F2', and its Viability Rating to 'a-' from 'bbb'. The outlook is stable.

According to analysts, following the agency's action on Italy announced on September 19, Intesa Sanpaolo's long-term rating is now one notch higher than Italy's. According to the agency, the two-notch upgrade reflects the combination of the recent upgrade of Italy's long-term rating to 'BBB+' from 'BBB' and Intesa Sanpaolo's exceptionally strong position compared to domestic competitors, a position supported by product and revenue diversification and its "flight to quality" status.