S&P alters Financiera Independencia view to negative

S&P said it changed the outlook for Financiera Independencia to negative from stable.

“The negative outlook on Findep reflects a one-in-three possibility of a downgrade if the company's nonperforming assets (NPAs) plus net charge-offs (NCOs) exceed 30%. In addition, if the entity is unable to refinance the existing maturities during 2020, or if growth pace doesn't pick, in the mid-term, we could lower the ratings,” S&P said in a press release.

The agency affirmed the B+ ratings on the company and its senior unsecured notes. S&P also affirmed Financiera Independencia’s mxBBB national scale rating.

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