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Fitch affirms Banesco USA


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Fitch affirms Banesco USA

Fitch Ratings affirmed Coral Gables, Fla.-based Banesco USA's BB- long-term issuer default rating, B short-term issuer default rating and "bb-" viability rating.

The company's long-term deposits were affirmed at BB, while its short-term deposits were affirmed at B.

The rating outlook is stable.

The ratings action follows the announcement that Banesco will acquire Miami-based Brickell Bank.

The rating agency expects Banesco's capital to significantly decline following the closing of the transaction, considering the size of Brickell Bank relative to Banesco.

According to Fitch, Banesco's ratings remain principally constrained by a company profile with notable asset, revenue and geographic concentrations.