S&P rates Financiera Independencia notes BB-

Standard & Poor's said it assigned its BB- global-scale counterparty credit rating to Financiera Independencia SAB de CV Sofom ENR.

At the same time, the agency said it assigned a BB- rating to the company's proposed $200 million of five-year senior unsecured notes while it also affirmed the national-scale counterparty credit ratings at mxA-/mxA-2.

The outlooks are negative.

"The ratings on Financiera Independencia reflect its deteriorating asset quality, which has resulted in lower profitability than in previous years, and its concentrated funding structure," said S&P credit analyst Arturo Sanchez.

"However, the ratings gain support from the company's adequate adjusted capitalization and good geographic and loan portfolio diversification."

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