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Fitch affirms ratings on 3 Dominican banks

Fitch Ratings on Oct. 16 affirmed the national ratings of three Dominican Republic-based banks.

Specifically, the rating agency affirmed its AAA(dom) long- and F1+(dom) short-term national ratings on both Bank of Nova Scotia (Sucursal en la República Dominicana) and Citibank NA Sucursal Republica Dominicana. The outlook on the long-term ratings is stable.

The ratings reflect the credit risk of the banks' parents, since the Dominican subsidiaries follow their parents' corporate governance structure and the management of their operations, Fitch noted. At the same time, the Dominican units serve strategically important businesses and markets for their parent companies.

Fitch also affirmed the AA+(dom) long- and F1+(dom) short-term national ratings of Banco Nacional de las Exportaciones (BANDEX) SA. The outlook on the long-term rating is stable.

The ratings reflect the Dominican Republic state's unlimited subsidiary guarantee for all securities and financial obligations by the bank. Fitch believes the government would provide timely support to its unit, if necessary, given that it considers the bank's risk as the same as that of the sovereign.