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Fitch affirms Abanka
Fitch Ratings said it affirmed Abanka Vipa's long-term issuer default rating at BBB with stable outlook, short-term issuer default rating at F3, individual rating at C, support at 3 and support rating floor at BB+. Fitch also affirmed Abanka's hybrid debt at BB+.
Ratings consider the issuer's adequate asset quality, supported by ample reserve coverage, comfortable capitalization following the capital increase in early 2008 and the benign economic environment in which it operates, the agency said.
They also reflect concerns over the level of market risk appetite which can lead to more volatile trading income, single-name concentrations, a relatively high proportion of related-party lending and potentially higher risk charges following strong lending growth, Fitch said.
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