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Fitch affirms Banco Fibra
Fitch Ratings said it affirmed Banco Fibra SA's A(bra) national long-term rating and F1(bra) national short-term rating and revised the outlook to negative from stable.
The outlook revision to negative reflects Fitch's opinion that Fibra should continue facing difficulties to present results in line with its peers until 2012, the agency said. Investments made through the acquisition of financing companies operating in retail and the enlargement of its credit portfolio geographical distribution have pressed the bank's costs.
The outlook and ratings reflect the operating performance lower than peer recorded by Fibra, volume of intangible assets, asset and liability concentrations that are typical of mid-sized banks and high leverage relative to its peers, the agency added.
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