Fitch Ratings has affirmed The Negative Outlook reflects loan growth outside its core market and economic weakness in its home market of
KEY RATING DRIVERS - IDR and VRs
The affirmation of BGHC's Issuer Default Rating (IDR) and Viability Rating (VR) reflects its solid franchise and deposit base in
Solid asset quality through the cycle is BGHC's primary ratings strength. BGHC's credit costs compare favourably relative to its similarly rated peers over the past six years. In addition, asset quality metrics continue to improve as non-performing assets continue to decline. Fitch views credit costs as likely to be manageable in the near term.
However, the Negative Outlook reflects the uncertainty related to
Economic conditions in
RATING SENSITIVITIES - IDRS AND VRs
Notwithstanding the stability of BGHC's core franchise, BGHC's ratings are highly sensitive to the growth, underwriting standards and performance of its
Conversely, the Outlook could be returned to Stable if the
KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR
SUBSIDIARY AND AFFILIATED COMPANY KEY RATING DRIVERS
Fitch has affirmed the following ratings:
--Long-term IDR 'BBB'; Outlook Negative;
--Short-term IDR 'F2';
--Viability rating 'bbb';
--Support rating '5';
--Support rating floor 'NF'.
--Long-term IDR affirmed at 'BBB'; Outlook Negative;
--Short-term IDR affirmed at 'F2';
--Viability rating affirmed at 'bbb'
--Support rating affirmed at '5';
--Support rating floor affirmed at 'NF';
--Long-term deposits affirmed at 'BBB+';
--Short-term deposits affirmed at 'F2'.
Additional information is available at 'fitchratings.com'.
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Additional information is available at fitchratings.com.
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Fitch Ratings has affirmed
The Negative Outlook reflects loan growth outside its core market and economic weakness in its home market of