Fitch affirms Close Brothers

Fitch Ratings said it affirmed Close Brothers Group's and wholly owned subsidiary Close Brothers Ltd.'s long-term issuer default ratings at A with stable outlooks.

Their viability ratings were affirmed at a.

“The ratings of CBG reflect its consistent track record of performance through economic cycles driven by a fairly granular and diversified business model, good franchises in its chosen niche sectors and a broadly consistent strategy,” the agency said in a news release.

“The group's appetite for higher- risk lending, mainly concentrated in the U.K., and a less resilient funding profile than larger domestic peers' are rating weaknesses, but we believe they are adequately mitigated by the group's high earnings generation capacity and solid capitalisation.”

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