Fitch: Ixe Banco view stable

Fitch Ratings said it changed Ixe Banco's outlook to stable from negative and affirmed its long-term foreign- and local-currency issuer default ratings at BB, short-term foreign- and local-currency ratings at B, individual rating at C/D, support rating at 5, support rating floor at "No Floor," $120 million junior subordinated perpetual securities at B+, long-term national-scale rating at A(mex) and short-term national-scale rating at F1(mex).

The outlook revision reflects Fitch's view that Ixe has adequately faced the tough recent operating environment while maintaining good asset quality, sound capital levels and ample liquidity. The agency said slightly improving economic conditions and somewhat better prospects for an eventual recovery of its weak core profitability were also factored in.

The ratings also consider Ixe's relatively limited loss-absorption capacity, modest business and risk diversification as well as the challenges to continued loan growth and business diversification, Fitch said.

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