Fitch applies BBB- to Multibank notes

Fitch Ratings said it assigned a long-term rating of BBB- to Multibank, Inc.'s Swiss Franc-denominated fixed-rate senior unsecured notes due 2021. The amount of these notes could be up to CHF 100 million.

Fitch said the BBB- rating is aligned with Multibank's long-term issuer default rating of BBB-, which reflects the unsecured nature of the instruments and that they rank pari passu with other senior obligations.

In turn, Multibank's issuer default rating is aligned with its viability rating of bbb-, indicating that its credit quality is driven by the bank's intrinsic financial profile.

Multibank's viability rating reflects the bank's good asset quality, consistent profitability metrics and adequate liquidity profile, the agency explained. The ratings also consider Multibank's challenges to consolidate its franchise and improve its weak capital ratios.

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