Maribor - Ratings agency Fitch has upgraded the long-term credit risk for NKBM, Slovenia's second largest ban, from BB+ to BBB- with a stable outlook, citing the completion of the merger with Abanka, firm capital position and low share of non-performing loans.

The agency said, according to NKBM, that the positive impact of the merger on capital and profitability outweighed the negative impact of medium-term risks associated with Covid-19.

The rating increase comes after Fitch revised its outlook from stable to positive in mid-2019 in anticipation of the positive results of the merger.