Banco Exterior's Long-Term Foreign Currency Rating Upgraded.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 19, 2001 Fitch, the international rating agency, has upgraded Banco Exterior's (Exterior) Long-term foreign currency rating to 'BB-' from 'B+'. Also, Short-term 'B' and Long-term 'B+' local currency, as well as 'AA-(ven)' National ratings have been assigned. The bank's Short-term 'B' foreign currency, Individual 'C' and Support '4T' ratings have been affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. . The bank's long-term Rating Outlook remains 'Stable'. Exterior's ratings reflect its adequate capital base, above-average asset quality, and one of the highest profitability levels in the market, which has been maintained even in an unstable macroeconomic mac·ro·ec·o·nom·ics n. (used with a sing. verb) The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. climate. Its ratings are limited by its size and the need to further diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. income in an increasingly competitive market. Exterior was Venezuela's 11th largest bank in terms of funds under management (assets + liquid asset funds liquid asset fund See money market fund. , usually known as ceded investments) at end-June 2001, with a 3.5% market share. It holds a leading position in the retail and credit card market and it also targets small and medium-sized firms. Spain's GBIF GBIF Global Biodiversity Information Facility controls slightly over 84% of Exterior's capital; the remainder is widely held among local shareholders. |
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