Fitch affirms Banco ABC Brasil

Fitch Ratings said it affirmed Banco ABC Brasil SA's long-term local- and foreign-currency issuer default ratings at BB+, short-term local- and foreign-currency debt ratings at B, national short-term rating at F1+(bra), national long-term rating is AA-(bra), individual rating at C/D and support rating at 3.

The outlook is stable.

The agency said the bank's long-term issuer default ratings and the national ratings are based on the operational and financial support of its parent, Arab Banking Corp., shown by its control, supervision and communication.

The ratings also consider the bank's relatively high asset and liability concentrations despite its recent foray into lending to medium-sized companies and individuals, Fitch said.

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