Fitch Ratings yesterday upgraded the long-term credit rating on Bendigo and Adelaide Bank to A- from BBB+.Bendigo already has an A2 rating from Moody's Investors Services. The bank's long-term rating from Standard & Poor's is BBB+.Bendigo's predominantly deposit-funded balance sheet, an expanded franchise (through the Adelaide Bank takeover and organic growth), and a history of maintaining net interest margins provided the rationale for the rating upgrade, Fitch said.Bendigo "compares well with other 'A' rated banks," Fitch said.The agency also pointed to the "potential to extract further cost efficiencies from integrations."