S&P upgrades Multibank

Standard & Poor’s said it raised the issuer credit rating on Multibank to BBB-/A-3 from BB+/B.

Its stand-alone credit profile is BBB-.

The outlook is stable.

The upgrade reflects the bank’s moderate business position, adequate risk positions, average funding within the Panamanian banking industry and adequate liquidity, the agency said.

S&P said it classifies the banking sector of Panama to reflect the country’s low per capita GDP which, combined with already high household0debt levels, limits people’s ability to take on more debt.

But the country’s fast-paced economic growth has increased its economic diversification, the agency said.

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