Fitch affirms Parex Banka

Fitch Ratings said it affirmed Parex Banka's ratings at long-term issuer default BB+, short-term issuer default rating B, individual C/D, support 3 and support rating floor BB.

The outlook is stable.

The agency said the ratings reflect concerns about Parex's corporate governance structure, risks arising from operating in a slowing Latvian economy, operational risks stemming from its non-resident business and declining capitalization.

On the other hand, they also factor in the bank's reasonable franchise, its leading position in servicing non-resident customers and its stable revenues, Fitch said.

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