OREANDA-NEWS. Fitch Ratings has affirmed and withdrawn Mid-Atlantic Corporate Federal Credit Union's (Mid-Atlantic) Long-term Issuer Default Rating (IDR) and Short-term IDR ratings at 'A+'/'F1+'. In addition, Fitch has affirmed and withdrawn Mid-Atlantic's Viability Rating (VR) at 'bb'-. The Rating Outlook remains Stable. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS
IDRs
The affirmation of Mid-Atlantic's Long-Term IDR of 'A+' and the Stable Outlook reflect Fitch's view that the company will continue to benefit from the government support provided to Corporate Credit Unions (CCUs) through the National Credit Union Association (NCUA). Fitch attributes an extremely high probability of support to CCUs from regulatory authorities, as reflected in its respective high support rating and support rating floor at '1' and 'A+'. This view is underpinned by the NCUA's past actions and the U.S. Treasury's additional assistance to credit unions by extending the operation of the Temporary Corporate Credit Union Stabilization Fund through 2021.

The affirmation of Mid-Atlantic's 'F1+' Short-term IDR denotes the company's exceptionally high capacity for timely payment of short-term financial commitments, given that government support will be provided if needed. Under Fitch's rating criteria, when a company's long-term IDR maps to more than one short-term rating, the higher short-term rating may be assigned. In this case, Mid-Atlantic's short-term IDR is 'F1+', reflecting the government support. Mid-Atlantic's IDR is currently at its Support Rating floor.

VRs
The affirmation of Mid-Atlantic's VR of 'bb-' primarily reflects the company's sufficient levels of capital and liquidity, adequate sources of contingent funding, and conservatively managed investment portfolio. Mid-Atlantic's leverage levels continued to improve since last review, exceeding 'well-capitalized' standards set by the NCUA.

The company's VR is constrained by certain risk concentrations and operational limitations inherent to the CCU industry, along with the inability to generate meaningful amounts of organic capital. CCUs generally operate with higher levels of leverage than higher rated financial institutions. They are also highly interconnected with credit unions and rely on short term funding and excess liquidity within the industry, which can be volatile. Mid-Atlantic is highly dependent on the value of its investment securities portfolio for earnings and liquidity, which can fluctuate with movements in interest rates.

SUPPORT RATING AND SUPPORT RATING FLOOR
Mid-Atlantic's Support Rating of '1' reflects Fitch's view that the likelihood the company would receive extraordinary support is extremely likely should such support be needed. Mid-Atlantic's Support Rating Floor of 'A+' reflects Fitch's view that there is an extremely high probability of support to CCUs and Mid-Atlantic from regulatory authorities.

RATING SENSITIVITIES
IDRS
Rating sensitivities are no longer relevant given today's rating withdrawal.

VRs
Rating sensitivities are no longer relevant given today's rating withdrawal.

SUPPORT RATING AND SUPPORT RATING FLOOR
Rating sensitivities are no longer relevant given today's rating withdrawal.

Fitch has affirmed and withdrawn the following ratings with a Stable Outlook:

Mid-Atlantic Corporate Federal Credit Union
--Long-term IDR at 'A+'; Outlook Stable
--Short-term IDR at 'F1+';
--Viability Rating at 'bb-';
--Support Rating at '1';
--Support Rating Floor at 'A+'.