Fitch upgrades MPS to BB with a 2

(ANSA) - ROME, NOV 11 - Fitch Ratings on Friday nightupgraded Banca Monte dei Paschi di Siena's ratings by twonotches, raising the Long-Term Issuer Default Rating to BB fromB+ and the Viability Rating to BB from B+, with the outlookconfirmed as stable.
   The upgrade "reflects the success of the restructuring process,which has enabled the Bank to structurally rebuild strongcapital buffers and strengthen operating profitability," a noteexplained.
   The rating upgrade also reflects the stability of the depositbase, as well as the ability to access the institutional bondmarket after a period of absence.
    Economy Minister Giancarlo Giorgetti told a pressconference on the 2024 budget last month that the privatizationof the Tuscan lender, the world's oldest bank still inbusiness, will be completed by the end of next year.
   The State has owned 64.2% of the bank since a bailout in 2017.
   The economy ministry said recently the privatization will takeplace at the time best suited to getting the most value from theState's stake. (ANSA).