S&P affirms IXE Banco

Standard & Poor's said it affirmed its global scale BB/B and mxA/mxA-2 CaVal counterparty credit ratings on IXE Banco SA, along with the B long-term rating on its $120 million perpetual, noncumulative, nonpreferred, subordinated, non-step up notes.

The outlook is stable.

The ratings reflect the bank's poor profitability and weak capitalization given its expansion plans and capital requirements, S&P said.

Mitigating factors include the bank's improving overall commercial position, its good funding and liquidity profile and its improving market share, the agency said.

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