Fitch affirms Security Bank

Fitch Ratings said it affirmed Security Bank Corp.'s long-term foreign- and local-currency issuer default ratings at BB, short-term foreign-currency issuer default rating at B, national long-term rating at AA-(phl) and subordinated debt program at BB-.

The outlook remains stable.

The ratings reflect the bank's moderate balance sheet strength and improved, albeit volatile profitability, Fitch said.

The bank's profitability reflects its relatively high dependence on cyclical trading gains and large corporate loans, which may be more difficult to sustain in the less favorable operating environment that is expected to continue over the next 12 to 18 months, the agency said.

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