The rating agency Fitch Ratings has upgraded Banca Transilvania’s Long-Term Issuer Default Rating (IDR) to BB+ from BB, with a Stable Outlook, and its Viability Rating (VR) to bb+ from bb.

The rating actions are as follows:

• Long-Term Foreign-Currency IDR: upgraded to BB+ from BB; Outlook Stable
• Short-Term Foreign-Currency IDR: affirmed at B
• Viability Rating: upgraded to bb+ from bb
• Support Rating: affirmed at 5
• Support Rating Floor: affirmed at 'No Floor'

Banca Transilvania is the second-largest credit institution in the local market by assets. In the first three months of this year, BT posted a net profit of RON 366 million (EUR 78 million), up 48% versus the same period in 2017. The bank’s strategy is supported by strong international shareholders such as the European Bank for Reconstruction and Development (EBRD) and IFC, a member of the World Bank Group, as well as investment funds. Banca Transilvania has over 28,000 Romanian individual shareholders and almost 55% Romanian capital.