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Fitch affirms Banco BICE's ratings

Fitch Ratings on March 28 affirmed Banco BICE's BBB+ long- and F2 short-term foreign and local currency issuer default ratings, with a stable outlook on the long-term rating.

Fitch also maintained the bank's viability rating at "bbb+" as well as its AA(cl) long- and N1+(cl) short-term national ratings.

The bank's ratings are driven by its intrinsic creditworthiness, which has resulted in resilient results across economic cycles, as well as its low risk appetite and sound asset quality, according to the rating agency.

However, Fitch said it will continue to assess the bank's capitalization and profitability amid a more restricting operating environment that has moderately hit credit growth and interest margins in the financial system.

The rating also affirmed BICECORP SA's long-term national rating of AA(cl), with a stable outlook.