S&P affirms IXE Banco

Standard & Poor's said it affirmed the BB/B counterparty credit rating on IXE Banco SA.

The outlook is stable.

S&P affirmed the B long-term rating on the $120 million perpetual subordinated notes.

Ratings are limited by the amount of losses reported, aggressive growth and adjusted capitalization, the agency said.

These factors are offset by the company's asset quality and ability to increase its deposit base and raise capital, according to S&P. Ratings reflect the bank's standalone credit quality and do not account for extraordinary external support from owners or the government, the agency said.

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