S&P rates IXE Banco perpetuals B

Standard & Poor's said it assigned its BB long-term and B short-term counterparty credit and CD ratings in foreign- and local-currency to IXE Banco, SA, along with B long-term issue ratings on the bank's $100 million perpetual, non-cumulative, non-preferred subordinated non-step-up notes.

The outlook is stable.

The ratings are limited by the bank's low profitability, aggressive growth plan and lower adjusted capital ratios than that of its peers, the agency said.

The ratings are supported by the bank's good asset quality, conservative risk-management capability and the bank's ability to increase its deposit base, S&P added.

The rating assigned to the hybrid notes reflects the subordination of the notes, the potential deferability of interest payments and the overall financial performance of IXE Banco, the agency said.

© 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.