Fitch affirms Banca IFIS

Fitch Ratings said it affirmed Banca IFIS SpA's long-term issuer default rating at BB+ and viability rating at bb+.

The outlook is stable.

“The ratings of IFIS reflect its adequate specialist franchise in niche businesses in Italy, which has to date resulted in a more resilient profitability than other second tier domestic banks,” the agency said in a news release.

“The ratings also reflect IFIS's rapid expansion into new businesses over the past five years, as well as capitalisation and leverage that are maintained with adequate buffers over regulatory minimum requirements.

“The ratings further factor into the weak asset quality indicators of IFIS by international standards and its limited, albeit improving, funding diversification towards wholesale sources.”

© 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.