S&P ups Financiera de Desarrollo Nacional

Standard & Poor's said it upgraded its ratings, including the issuer credit rating, on Financiera de Desarrollo Nacional SA (Financiera) to BBB- from BB+.

The outlook is stable. The stand-alone credit profile is bb.

The company has an "important role" and "very strong" link to the government. As a result, S&P said it continues to believe there is a high likelihood that the government would provide timely and sufficient extraordinary support to Financiera during periods of financial distress.

The ratings on Financiera are also based on its "weak" business position, "very strong" capital & earnings, "moderate" risk position, "below average" funding, and "adequate" liquidity.

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