Leonteq AG (SIX: LEON) announced today that Fitch upgraded Leonteq’s investment grade rating to “BBB” with a stable outlook.
The rating agency Fitch Ratings Ltd. has upgraded the long-term issuer default rating (IDR) to “BBB” from “BBB-” for Leonteq AG, Leonteq Securities AG and Leonteq Securities AG (Guernsey Branch) with a stable outlook.
According to Fitch, the upgrade of the long-term IDRs assigned to Leonteq reflects the material progress made to grow the franchise and diversify the business by increasing the number of issuance partners as well as increasing Leonteq’s own issuances. It also reflects progress made on new business initiatives which include plans to reduce the level of market risk adopted by Leonteq through its balance sheet-light business activities.
Leonteq’s IDR further reflects its increasingly diversified franchise which includes a well-established and scalable structured-product issuance platform. This is weighed against inherent market risk, both direct and indirect, as lower appetite for structured products in unfavourable market conditions can give rise to earnings volatility. Fitch views risk management, capitalization, and liquidity as adequate.
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