UniCredit SpA recently announced a positive development in its long-term issuer default rating (IDR), which has been upgraded to a stable outlook.

Rating agency Fitch Ratings made the revision, setting the bank’s Long-term IDR rating to BBB, which aligns it with Italy’s rating, according to an announcement. The outlook for UniCredit’s long-term IDR has improved from negative to stable.

Fitch Ratings also affirmed the F2 status of UniCredit’s short-term IDR and upgraded its viability, or standalone, rating from BBB to BBB+. These changes have led to lowered outstanding debt ratings for UniCredit, including Additional Tier 1.