Fitch affirms, withdraws HSH Nordbank

Fitch Ratings said it affirmed HSH Nordbank's long-term issuer default rating at BB+ with a stable outlook and simultaneously withdrew the ratings for commercial reasons.

The agency said the ratings reflect HSH Nordbank's corporate banking focused business model, significantly improved asset quality and capitalization balanced by low operating profit, which Fitch expects to improve gradually, and a predominantly wholesale-driven funding profile despite plans to increase retail funding.

“HSH maintains its business focus on Germany, where we expect the operating environment to remain solid,” Fitch said in a news release.

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