Fitch Ratings on May 6 downgraded 's long-termissuer default rating to BBB- from BBB and its short-term issuer default ratingto F3 from F2.
Crown Agents Bank's viability rating was downgraded to"bbb-" from "bbb". The bank's ratings were maintained onRating Watch Negative.
Fitch affirmed the bank's support rating at 5 and withdrewthe support rating floor of No Floor.
The ratings actions, which follow the completion of theacquisition of thebank by funds advised by Helios Investment Partners LLP, reflect the agency'sview that the bank's business model has generated weak profitability andcapital over a number of years. The Rating Watch Negative on the long-termissuer default rating primarily reflects the agency's view that changes to thebank's company profile could pressure its funding and liquidity profile.