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Fitch removes Banco Ve por Más from Rating Watch Negative

Fitch Ratings on Feb. 26 removed Banco Ve por Más SA Institución de Banca Múltiple Grupo Financiero Ve por Más's ratings from Rating Watch Negative.

The withdrawal of the ratings from Rating Watch Negative was due to the decision by Banco Ve por Más' management in December 2017 to not complete the acquisition and merger of Bankaool SA Institución de Banca Múltiple. In contrast, Banco Ve por Más recently completed the purchase of the bank's loan portfolio.

Fitch expects the portfolio purchase to not induce a substantial deterioration on the bank's financial performance, specifically its adequacy of capital, profitability and asset quality, which supports its withdrawal from Rating Watch Negative.

Fitch also affirmed the bank's BB long- and B short-term foreign and local currency issuer default ratings, A(mex) long- and F1(mex) short-term national ratings and "bb" viability rating. The long-term ratings have a stable outlook.

The bank's issuer default and national ratings are driven by the viability rating, reflecting its less diversified model, small franchise, reasonable liquidity profile and acceptable asset quality, the rating agency said.