Fitch upgrades BanBajio

Fitch Ratings said it affirmed Banco del Bajio, SA Institucion de Banca Multiple (BanBajio)'s long- and short-term foreign- and local-currency issuer default ratings at BBB- and F3, respectively.

The company's viability rating was affirmed at BBB-.

The agency also upgraded BanBajio's and Financiera Bajio, SA de CV Sofom ER's (FinBajio) long-term national scale rating to AA(mex) from AA-(mex).

The short-term national scale rating was affirmed at F1+(mex).

The outlook is stable.

The upgrades reflect the company's strengthened capitalization due to recent initial public offering, improving profitability and stable asset quality in relation to its national peers, Fitch said.

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