Fitch affirms CVB

Fitch Ratings said it has affirmed the BBB+ long-term issuer default rating and F2 short-term issuer default rating of CVB Financial Corp. and its principal banking subsidiary, Citizens Business Bank.

The outlook remains negative.

Fitch said that its affirmation of CVB Financial's ratings reflects the company's continued solid profitability and asset quality in a difficult operating environment.

Following a balance sheet restructuring, the NIM has strengthened and remained stable the last two quarters, the agency said, adding that the company's good efficiency and contained credit costs also continue to support consistent earnings performance.

Affected ratings also include CVB Financial's subordinated debt BBB; preferred stock BBB; short-term issuer default rating F2; individual B; support 5; support floor NF; and Citizens Business Bank's long-term issuer default rating BBB+; short-term issuer default rating F2; long-term deposits A-; short-term deposits F2; individual B; support 5; support floor NF.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.