Fitch Ratings Affirms CVB Financial; Rating Outlook Stable.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings has affirmed the 'BBB+' long-term Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) and 'F2' short-term issuer rating of CVB CVB Convention and Visitors Bureau CVB College Van Bestuur (Dutch: Managing Council) CVB Camper Van Beethoven (band) CVB Common Vision Blox CVB Center for Veterinary Biologics Financial Corp. (CVB) and its principal operating subsidiary, Citizens Business Bank. At the same time, Fitch has assigned a rating to CVB's Statutory Trust III. The Rating Outlook is Stable. A complete list of ratings for CVB and Citizens Business Bank is provided below. Fitch's affirmation considers CVB's sound financial profile, which is highlighted by stellar asset quality, and strong balance sheet fundamentals. However, CVB's ratings continue to be somewhat constrained by its geographic concentration and limited earnings diversity. Further, CVB's performance has drifted lower driven largely by a contracting NIM nim 1 tr. & intr.v. nimmed, nim·ming, nims Archaic To steal; pilfer. [Middle English nimen, to take, from Old English niman; see , which has inhibited revenue growth. This decline illustrates Fitch's issues regarding CVB's narrow revenue stream, which remains spread income dominated. Fitch has assigned the following rating: CVB Statutory Trust III --Preferred securities BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. Fitch also affirms the following ratings with a Stable Outlook: CVB Financial Corp. --Long-term Issuer Default Rating (IDR) 'BBB+'; --Short-term issuer 'F2'; --Individual 'B'; --Support '5'. Citizens Business Bank --Long-term Issuer Default Rating (IDR) 'BBB+'; --Short-term issuer 'F2'; --Long-term deposits 'A-'; --Short-term deposits 'F2'; --Individual 'B'; --Support '5'. CVB Statutory Trust I & II --Preferred Securities 'BBB'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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