S&P affirms Nacional Monte de Piedad

Standard & Poor's said it affirmed its BBB-/A-3 local- and foreign-currency counterparty credit ratings on Nacional Monte de Piedad, IAP (NMP).

The outlook is stable.

S&P said that the ratings are based mainly on the company's good financial development, good asset quality and strong liquidity.

Furthermore, the company enjoys a predominant market position in the pawn business in Mexico and good capitalization and its capital base is free of debt, the agency said, noting that these ratings factors are undermined by several challenges, however, including the company's rigid structure, which has led to high operating costs.

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