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Fitch affirms Banesco USA ratings

Fitch Ratings on May 10 affirmed Coral Gables, Fla.-based Banesco USA's long-term issuer default rating of BB-, short-term issuer default rating of B and viability rating of "bb-." The outlook is stable.

The rating agency also affirmed Banesco USA's long-term deposits rating at BB and short-term deposits rating at B.

Fitch said it recognizes a rise in reputational risk in the wake of the Venezuelan government's 90-day intervention against Banesco Banco Universal CA since Banesco USA has similar branding and engages with sister banks broadly for businesses, including correspondent banking activities. Banesco USA, according to the rating agency, is an independent entity with no direct linkage to Banesco Banco Universal CA.