S&P affirms Nacional Monte de Piedad

Standard & Poor's said it affirmed its BBB-/A-3 counterparty credit rating on Nacional Monte de Piedad IAP.

The outlook is stable.

The agency said that the ratings take into account the company's predominant market position in the Mexican pawn business, good asset quality and adequate financial profile.

On the other hand, S&P said it believes that, despite Nacional Monte de Piedad's improvements in past years, the entity maintains a structure that creates high operative costs and labor liabilities and it is gradually facing growing competition from financial institutions operating in the same market niche.

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