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Fitch withdraws Banca Privada d'Andorra's ratings

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Fitch withdraws Banca Privada d'Andorra's ratings

Fitch Ratings on April 27 withdrew various ratings ofBanca Privada d'AndorraSA, including the long- and short-term issuer default of D, or Default.

Also withdrawn were the bank's "f" viabilityrating, 5 support rating and No Floor support rating floor. All the ratingswere affirmed.

The affirmation and withdrawal follow the approval of thebank's resolution by the Andorra Bank Resolution Authority, or AREB.The agency noted that it will no longer provide ratings or analytical coverageof the bank.

AREB on April 22 said it selected to Vall Banc, to which willbe transferred roughly 93% of Banca Privada's clients, representing about 68%of business volume.

The Andorran government intervened in Banca Privada in March 2015, after theU.S. Department of the Treasury said it found "reasonable grounds" toconclude that the lender was a primary money laundering concern.