Fitch rates Ixe Banco perpetuals B+

Fitch Ratings said it expects to assign a B+ rating to Ixe Banco's upcoming issue of $100 million junior subordinated perpetual securities.

The agency also assigned BB foreign- and local-currency long-term issuer default ratings, B foreign- and local-currency short-term ratings, a C/D individual rating and a 5 support rating to the bank and affirmed its long- and short-term national scale ratings at A(mex) and F1(mex), respectively.

The outlook is stable.

The expected rating on the notes reflects Fitch's expectation that they will be ranked junior to senior unsecured and non-junior subordinated debtors.

The bank's issuer default and individual ratings reflect its adequate asset quality, stable customer deposit base, ample liquidity and growing franchise among Mexican specialized financial intermediaries, the agency said, tempered by its weak profitability, high borrower concentrations and somewhat tight capitalization.

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