Fitch rates KBL European BBB+

Fitch Ratings said it assigned KBL European Private Bankers SA a long-term issuer default rating of BBB+, a short-term issuer default rating of F2 and a viability rating of bbb+.

The outlook is stable.

“The issuer default ratings and VR of KBL primarily reflect its focus on low-risk on-shore private banking, its adequate franchise compared with similarly rated peers, acquisition-driven growth resulting in a strengthened franchise but also high execution and integration risks, weak underlying profitability, adequate capitalisation and sound liquidity,” the agency said in a news release.

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