Fitch affirms Parex banka

Fitch Ratings said it affirmed the ratings of Parex banka at issuer default BB+, short-term B, individual C/D and support 3.

The outlook is stable.

According to Fitch, Parex's ratings reflect the bank's leading position in servicing non-resident customers as well as its decent domestic franchise, which gives the bank diversification in both risk and income.

Constraints to a higher rating are pressures on profitability and capitalization as well as the operational risk arising from its non-resident business and concerns over the bank's corporate governance, with the two major shareholders holding senior management positions, the agency said.

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