MONTERREY, Mexico--(BUSINESS WIRE)--Fitch Ratings has affirmed and simultaneously withdrawn Banco Inbursa's ratings as indicated in the list at the end of this commentary. Fitch has withdrawn the ratings as Banco Inbursa has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Banco Inbursa.
Banco Inbursa's viability rating and its Issuer Default Ratings (IDRs) are driven by its strong capital levels (equity to assets at 4Q11: 21.23%), moderate and stable impairments (4Q11: 2.91% of total loans), and a large cushion of loan loss reserves (12.93% of total loans or 4.45x the amount of impaired loans as of December 2011). Banco Inbursa was one of the few banks whose performance continued improving throughout the recent crisis. In turn, the ratings are constrained by its relatively high sector and borrower concentrations, some reliance on wholesale funding, although decreasing, and a higher than average market risk appetite, which results in some earnings volatility.
The following ratings have been affirmed with a stable outlook, and simultaneously withdrawn:
Banco Inbursa:
--Long-term Issuer Default Rating (IDR) at 'BBB' and
withdrawn;
--Short-term IDR at 'F2' and withdrawn;
--Long-term
local currency IDR at 'BBB' and withdrawn;
--Short-term local
currency IDR at 'F2' and withdrawn;
--Viability rating at 'bbb' and
withdrawn;
--Support rating at '4' and withdrawn;
--Support
rating floor at 'B' and withdrawn;
--Long-term national-scale
rating at 'AA+(mex)' and withdrawn;
--Short-term national-scale
rating at 'F1+(mex)' and withdrawn.
Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
-- 'Global Financial
Institutions Rating Criteria' (Aug. 16, 2011);
-- 'National Ratings
Criteria' (Jan. 19, 2011).
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ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.