...Concentrated Business Model: Crown Agents Bank Limited's (CABK) ratings reflect its niche franchise in business-to-business cross- border FX services and payments. Its Viability Rating (VR) is one notch below its 'bb+' implied VR because of the strong influence of its business profile. The bank has a high exposure to non-financial risks due to its role in facilitating payments to emerging markets. The VR also reflects the bank's small size relative to its business concentrations. International Exposure: Fitch Ratings uses a blended operating environment assessment, which takes into consideration the bank's focus on international payments and FX services and its exposure to higher-risk markets. The assessment is supported by the bank's UK domicile, its high proportion of assets held in cash at the Bank of England, and the UK's strong regulatory environment. Cross-Border FX Services and Payments: CABK's asset-light business model facilitates FX services and payments between developed and...
