Fitch Ratings has assigned CrediaBank a long-term issuer default rating of BB with a Positive Outlook, placing the bank's long-term deposit rating at BB+, one notch below investment grade.

The assessment, described by Fitch as its first formal rating of CrediaBank, reflects what the agency characterises as a meaningful improvement in the bank's credit profile following a balance sheet clean-up and a recent capital increase. Stronger profitability and an adequate capital position are cited as contributing factors, alongside execution risks attached to the bank's acquisition of HSBC Malta that Fitch considers manageable.

That acquisition sits at the centre of Fitch's medium-term view. The agency expects the transaction to increase the group's scale, broaden geographic diversification, and improve its funding and liquidity profile, with HSBC Malta's deposit base cited as a supporting element. Continued business growth in Greece is identified as a further potential driver of credit improvement.

On profitability, Fitch recorded an operating profit to risk-weighted assets ratio of 1.2 per cent in the first half of 2026 and is forecasting that figure to rise to 3 per cent in 2027 and 3.5 per cent in 2028. Those projections are supported by business growth and the expected contributions of both the HSBC Malta and Europe Holdings acquisitions. Improvements in operating efficiency, as the bank achieves greater scale and realises acquisition synergies, are also anticipated.

Capital positioning has strengthened materially following the recent capital increase. Fitch expects the Common Equity Tier 1 ratio to remain broadly stable through 2026 to 2028, despite projected growth in the loan portfolio. Asset quality is forecast to hold steady following the completion of the clean-up process.

For any further upgrade, Fitch set out clear conditions: successful integration of HSBC Malta, continued sound growth and diversification in Greece, maintenance of a CET1 ratio of at least 14 per cent, stable asset quality, and a sustained improvement in operating profitability. The deposit rating could also advance by one notch, subject to specific regulatory conditions being met.

Compared with Moody's, Fitch's main rating stands one notch higher and carries a Positive Outlook rather than a Stable one. Both agencies currently place the deposit rating at one notch below investment grade.