Fitch ups TSB Bank short-term ratings

Fitch Ratings said it affirmed the long-term issuer default ratings of Kiwibank Ltd. (AA-/stable/bbb), TSB Bank Ltd. (A-/stable/a-), Southland Building Society (BBB/stable/bbb) and Co-operative Bank Ltd. (BBB/stable/bbb).

The agency also upgraded TSB's short-term foreign and local currency issuer default ratings to F1 from F2, as the bank's strong liquidity position better reflects the higher of the two short-term issuer default ratings that align to the long-term issuer default rating of A-, Fitch said.

The affirmation of the four banks' issuer default ratings and viability ratings reflects a view that the banks are likely to broadly maintain their financial profiles over the next year or two, Fitch said.

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