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Fitch rates Banco Pine notes B-
Fitch Ratings said it assigned a B-/RR6 foreign-currency long-term rating to Banco Pine SA's $125 million of 8¾% subordinated notes due Jan. 6, 2017 and affirmed its foreign- and local-currency long-term issuer default ratings at B+, foreign- and local-currency short-term issuer default ratings at B, individual rating at D, support rating at 5, support rating floor at "No Floor," national long-term rating at A-(bra) and national short-term rating at F2(bra).
The outlook was revised to positive from stable, reflecting Fitch's expectations that Pine will resume growth while sustaining a more consistent performance, maintaining an adequate asset quality portfolio and improving its funding structure in the near term despite a greater concentration in assets and liabilities and a more competitive scenario.
The agency said Pine's ratings reflects its agility in adapting to economic volatility, consistently managing risks and balance sheet adjustments.
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