S&P affirms Financiera Independencia

S&P said it affirmed its long-term global scale issuer credit rating on Financiera Independencia SAB de CV Sofom ENR at BB- and affirmed its national scale ratings on the company at mxBBB+/mxA-2.

The outlook on the ratings for both scales remains stable.

S&P said it affirmed its BB- issue-level rating on the company's $250 million senior unsecured notes. The rating on the senior unsecured debt incorporates S&P’s view that, as of Sept. 30, 2018, secured debt represented less than 30% of adjusted assets and unencumbered assets completely covered unsecured debt.

“Our issuer credit ratings on Financiera Independencia reflect the company's stable financial performance supported by its solid market presence in the microfinance sector and its continue geographic diversification,” S&P said in a news release.

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