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Fitch upgrades long-term issuer default rating for Amerant Bancorp, units

Fitch Ratings upgraded the long-term issuer default rating and viability rating for Amerant Bancorp Inc., Amerant Florida Bancorp Inc. and Amerant Bank NA to BB+ and "bb+" from BB and "bb," respectively.

The ratings outlook is stable.

Additionally, Fitch upgraded Amerant Bank's long- and short-term deposits ratings to BBB- and F3 from BB+ and B, respectively. The short-term issuer default rating for Amerant Bancorp, Amerant Florida Bancorp and Amerant Bank were affirmed at B, their support rating at 5 and their support rating floor at NF.

Amerant Bancorp's ratings reflect the company's successful rebranding and its complete separation from its former parent, Mercantil Servicios Financieros CA. The rating agency also noted that Amerant Bancorp has good asset quality metrics, but its earnings and profitability are weaker than community bank peers.