Fitch ups Banco Agricola

Fitch Ratings said it upgraded Banco Agricola's long-term issuer default rating to BBB- from BB+, driven by the bank's proved resilience to downturn economic cycles, as well as its enhanced dominant position in the local market, which is reflected in the upgrade of Agricola's viability rating to BBB-.

The agency also said it upgraded the bank's short-term issuer default rating to F3 from B, national scale long-term rating to AAA(slv) from AA+(slv) and national scale rating for local issues of senior unsecured debt to AAA(slv) from AA+(slv).

Fitch also affirmed its national scale short-term rating at F1+(slv) and national scale rating for local issues of senior secured debt at AAA(slv).

The outlook is stable.

The agency also said it upgraded Inversiones Financieras Banco Agricola's national scale long-term rating to AAA(slv) from AA+(slv) and affirmed its national scale short-term rating at F1+(slv).

Despite the recent severe stressed economic environment, Agricola continues to perform well, achieving reasonably stable core operating profitability, Fitch said.

Asset quality remains sound, funding is essentially provided through a large and stable retail deposit base and capital ratios showed sustained improvements, the agency said.

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