Fitch upgrades Docuformas

Fitch Ratings said it upgraded Docuformas SAPI de CV's long-term local and foreign currency issuer default ratings to BB- from B+.

Its short-term foreign and local currency ratings were affirmed at B.

The long-term national scale ratings were upgraded to A-(mex) from BBB+(mex), while the short-term national scale rating was affirmed at F2(mex).

The outlook is stable.

“The upgrade reflects the significant improvement in Docuformas' leverage position after the recent capital injection of $27 million, as well as the strengthening of corporate governance practices and reduction of key person risk under the new shareholder structure,” the agency said in a news release.

“The upgrade also considers the strengthening of its company profile, driven by sustained double-digit portfolio growth rates that support its growing franchise in the leasing sector in Mexico.”

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