S&P ups Multibank

S&P said it upgraded Multibank and its senior unsecured notes to BBB from BBB-.

“The upgrade reflects Multibank’s stronger business position due to favorable operating revenue trend, ample business diversification, and historically solid corporate governance. Operating revenue continued growing while profitability metrics remained stable despite the slowdown in the Panamanian economy,” said S&P in a press release.

The outlook is stable.

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