Fitch assigns Banco Industrial notes BBB

Fitch Ratings said it assigned BBB ratings to Industrial DPR Funding Ltd.'s $258 million of series 2007-1 floating-rate notes due 2014, $50 million of series 2011-1 floating-rate notes due 2018, $40 million of series 2011-2 fixed-rate notes due 2018 and $60 million of series 2011-3 fixed-rate notes due 2021.

The outlook is positive.

The transaction is a securitization of dollar-denominated diversified payment rights originated by Banco Industrial SA.

The ratings on the notes address the likelihood of timely payment of interest and principal on a quarterly basis, Fitch said.

The ratings primarily reflect the bank's prominent position within Guatemala's banking system, the strength of the DPR flows and the relatively high expected monthly debt service coverage ratios, the agency said.

These characteristics allow for a three-notch uplift from the bank's local-currency issuer default rating of BB, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.