Fitch to rate Ixe Banco hybrids B+

Fitch Ratings has affirmed Ixe Banco's long-term foreign- and local-currency issuer default ratings at BB and individual rating at C/D and assigned an expected rating of B+ to Ixe's planned $120 million of 10-year junior subordinated securities.

The outlook is stable.

The affirmation reflects the view that Ixe has adequately faced the tough recent operating environment by maintaining good asset quality, sound capital levels and ample liquidity despite continued growth in overall business volumes, according to the agency.

Ratings also consider Ixe's relatively limited loss absorption capacity, high borrower and risk concentrations, as well as the challenges associated to relatively rapid loan growth and business diversification, the agency noted.

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