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Fitch downgrades TSB Bank's short-term issuer default rating

Fitch Ratings downgraded the short-term issuer default rating of New Zealand-based TSB Bank Ltd. to F2 from F1 and affirmed its long-term IDR at A-.

The bank's viability rating was affirmed at "a-". The outlook is stable.

The rating agency said the bank's short-term IDR was lowered as the funding and liquidity mid-point (a-) that feeds into the viability rating is below the minimum level required to maintain the rating at F1 under rating agency's criteria. The bank's support rating and support rating floors were affirmed at 5 and No Floor.

The bank's ratings reflect its conservative risk appetite and peer-leading funding and liquidity profile. They also reflect the bank's strong asset quality, solid capital position, small domestic franchise and a level of geographic concentration.