Fitch: Banco ABC unchanged

Fitch Ratings said that following the downgrade of Arab Banking Corp.'s issuer default ratings to BBB- from BBB and its placement on Negative Watch on Feb. 23, subsidiary Banco ABC Brasil's BB+ long-term foreign and local currency issuer default ratings, B short-term foreign and local currency issuer default ratings, AA-(bra) long-term national rating and F1+(bra) short-term national rating should not change.

The outlook is stable.

The ratings reflect the bank's good credit controls, strong asset quality and experienced management, as well as its modest size and limited revenue diversification resulting from its relative concentration of funding sources, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.