Fitch rates Ixe Banco perpetual B+

Fitch Ratings said it assigned a final B+ long-term rating to Ixe Banco's $120 million junior subordinated perpetual securities, which reflects the junior rank of these securities to all senior unsecured and non-junior subordinated debtors.

The outlook is stable.

The agency said Ixe Banco's BB foreign- and local-currency long-term issuer default ratings and C/D individual rating balance its adequate asset quality, stable customer deposit base, ample liquidity and growing franchise among Mexican specialized financial intermediaries against its weak profitability, high borrower concentrations and somewhat limited internal capital generation.

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