Fitch upgrades BankUnited deposit rating

Fitch Ratings said it affirmed BankUnited Financial Corp.'s BB+ long-term issuer default rating and B short-term rating and upgraded the short-term deposit rating of BankUnited FSB, BankUnited's banking subsidiary, to F3 from B. The outlook is stable.

Fitch said the upgrade reflects the subsidiary's higher level of deposit funding, and the rating affirmation reflects BankUnited's solid capital position, sound asset quality and improved financial flexibility.

Constraining the ratings are the company's relatively modest earnings generation, limited geographic franchise and a relatively more risky non-conventional residential mortgage portfolio, the agency said.

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