Fitch lowers Finmart

Fitch Ratings said it downgraded Prestaciones Finmart, SAPI de CV's (Finmart) long-term foreign- and local-currency issuer default ratings to B- from B+.

The agency also downgraded the company’s long-term national scale rating to BB-(mex) from BBB+ and short-term national scale rating to B(mex) from F2(mex).

The Rating Watch on the ratings also was revised to evolving from negative.

The downgrades reflects the deterioration of the company’s financial performance since 2015, as well as the continued limitation of its loss-absorption capacity, Fitch said.

The ratings also consider the company’s limited adherence to international best-accounting practices, transparency and comparability of its financial reports, the agency said.

The ratings are limited by continued pressure on the company’s asset quality metrics, Fitch added.

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