BUENOS AIRES & NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed and withdrawn Banque Heritage (Uruguay) S.A.'s ratings as these are no longer considered relevant for Fitch's coverage.
Banque Heritage's ratings balance strong liquidity and asset quality against continued losses (albeit declining) and a reduction in its capitalization ratios. Fitch revised the Rating Outlook to Stable from Positive due to difficulties in assessing the qualitative improvement which may have resulted from the increased integration with the shareholder (Switzerland's Banque Heritage), the key driver that underpinned a revision of the Outlook to Positive from Stable in the last review.
Fitch has affirmed and withdrawn the following ratings:
--Foreign and local currency Issuer Default Rating (IDR) at 'B'; Stable Outlook;
--National long-term rating at 'BBB(uy)'; Stable Outlook;
--Support rating at '5'.
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.
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=649171
National Ratings Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=595885
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.