Fitch Ratings is affirming and simultaneously withdrawing
Fitch is also affirming and withdrawing all other ratings including the Viability Rating (VR) at 'ccc-'. A full list of the rating actions is below.
Fitch has chosen to withdraw the ratings for commercial reasons. Fitch will no longer provide ratings or analytical coverage for this bank.
Key Rating Drivers
Fitch has chosen to withdraw the ratings for commercial reasons. Fitch will no longer provide ratings or analytical coverage for this bank.
The key rating drivers of the issuer are the same as those in detailed in 'Fitch Ratings Upgrades Banco Hipotecario S.A.'s IDR to 'CCC-'' published on
See fitchratings.com/research/banks/fitch-ratings-upgrades-banco-hipotecario-sa-idr-to-ccc-15-09-2022 for details.
Rating Sensitivities
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Negative rating sensitivities are not applicable as the ratings have been withdrawn.
Factors that could, individually or collectively, lead to positive rating action/upgrade:
Positive rating sensitivities are not applicable as the ratings have been withdrawn.
VR ADJUSTMENTS
The implied 'ccc' Viability Rating has been adjusted to 'ccc-' due to operating environment/sovereign rating constraint (negative);
The Operating Environment score of 'ccc' has been assigned below the implied score of 'b' due to the following adjustment reason: Sovereign Rating (negative);
The Business Profile score of 'ccc' has been assigned below the implied score of 'b' due to the following adjustment reason: Business Model (negative).
Best/Worst Case Rating Scenario
International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
Following the withdrawal of ratings for
Prior to today's withdrawal,
Other than the above-mentioned '4' rating for Management Strategy, the highest level of ESG credit relevance was a score of '3'. This meant that ESG issues were credit-neutral or had only a minimal credit impact on the entity, either due to their nature or the way in which they were being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
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