Fitch downgrades, withdraws Banco Fibra rating

Fitch downgrades, withdraws Banco Fibra rating

Corporate & Sovereign Strategy

Fitch downgraded to BBB- and removed its national scale rating on Brazilian lender Banco Fibra on Friday, after it said the bank pulled out of the ratings process. Fibra faced “significant challenges” to profitability and asset quality, Fitch said in a description of the factors that drove the downgrade. Since 2012, Banco Fibra has pushed ahead with a plan to exit retail lending and focus on wholesale loans to corporates. “The plan, along with the environment of slower economic activity and vola

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