Fitch Ratings on May 10 affirmed the long-term and short-term issuer default ratings of Hamilton, Bermuda-based Bermuda Commercial Bank Ltd. at BB+/B. The rating outlook is stable.
According to Fitch, the affirmation of the bank's issuer default ratings and stable outlook reflects the bank's liquid balance sheet and strong capital position, as well as an improving trend in the bank's risk appetite.
However, the rating agency believes that the bank's history of management turnover, changing business model and volatility in core earnings are offsetting the positives.
Fitch also affirmed the bank's viability rating at "bb+," support rating at 5 and support floor at NF.