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Fitch changes BankUnited view
Fitch Ratings said it affirmed the long-term issuer default rating at BBB and short-term issuer default rating at F2 for BankUnited, Inc. and BankUnited, NA.
The outlook was revised to negative from stable.
The agency said the outlook reflects a view that progress towards improvement of key profitability metrics like the core net interest margin has been slower than anticipated.
With loss share agreements expected to expire in May 2019, Fitch said it believes that absent significant structural revenue improvements, profitability will continue to deteriorate and could likely reach levels that no longer supports the current rating level.
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