Fitch affirms IBEC

Fitch Ratings said it affirmed International Bank for Economic Co-operation's (IBEC) long-term issuer default rating at BBB- with a stable outlook and its short-term issuer default rating at F3.

The agency said the affirmation and outlook reflect IBEC's intrinsic credit features, primarily its solvency assessment of bbb+ and high-risk business environment, which reduces the solvency assessment by two notches.

This translates into an intrinsic rating of bbb-, Fitch said.

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