Fitch affirms Spurt Bank

Fitch Ratings said it affirmed Spurt Bank's long-term issuer default rating of B- and removed the bank's ratings from rating watch negative.

The outlook is stable.

The ratings were placed on negative watch in Nov., reflecting concerns over the bank's liquidity position in light of an upcoming bond put option and deposit outflow experienced during October 2008, Fitch said.

The ratings reflect its small size by international standards, concentrated balance sheet, modest profitability and the risks of a deteriorating operating environment, the agency said.

The ratings also consider Spurt's solid capitalization and sound reported asset quality to date, Fitch added.

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