RATINGS RATIONALE The affirmation of IU´s ba2 BCA reflects Moody's overall unchanged view of the bank's fundamental credit strengths, which include a solid balance sheet, reflecting its large, low-cost funding base, ample liquidity, stable asset quality and adequate capitalization. IU's disciplined risk appetite and risk management profile have supported its asset quality performance through-the-cycle, while its broad franchise provides ample access to funding and liquidity. The rating action also takes into account Moody's expectation that IU's asset quality and profitability will decline because of the economic disruption caused by the coronavirus outbreak. IU's capitalization is a relative credit weakness, but the rating agency expects it to improve over coming quarters.