...Ratings Driven by Standalone Profile: Banco Fibra S.A.'s (Fibra) Issuer Default Ratings (IDRs) reflects its Viability Rating (VR) of 'b+', which balances improved funding and liquidity, adequate reported asset quality and a conservative risk posture against modest capitalization and improving but still thin core earnings that remain untested through a cycle. The VR sits one notch above the implied 'b' rating and reflects a positive business profile adjustment for coherent strategic repositioning and business-plan progress that is not yet visible in financial metrics. Earnings Recovery Yet to Lift Capital: Fibra reported 1H26 net income of BRL155 million and operating profit-to-risk-weighted assets (RWA) of 4.3%, its strongest headline metrics in recent history against a four-year average of below 0.5%. Fitch Ratings considers the return to positive core earnings a shift in the bank's financial profile, but notes that a high share of pre-tax profit came from non-recurring items, including...
