Fitch affirms Grand Bills

Fitch Ratings said it affirmed Grand Bills Finance Corp.'s long-term foreign-currency issuer default rating at BBB-, short-term foreign-currency issuer default rating at F3, national long-term rating at A(twn), national short-term rating at F1(twn) and viability rating at BBB-.

The affirmation reflects the company's stable credit profile over the past 12 months, Fitch said.

The ratings also consider its fairly conservative management team, which have pursued organic growth strategies without compromising on critical areas of liquidity, asset quality and capital ratios, the agency said.

The ratings are constrained by its small franchise, limited business scope, funding weaknesses and its susceptibility to interest-rate changes relative to banks, Fitch added.

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