Moody's affirms Protego Casa de Bolsa

Moody's Investors Service said it affirmed the B3 long-term and not-prime short-term global local-currency issuer ratings for Protego Casa de Bolsa, SA de CV, along with its Ba3.mx and MX-4 long- and short-term Mexican national scale issuer ratings.

The outlook is stable.

The agency noted the company's modest size and its limited market share and product offering, which constrains the company's earnings generation ability and franchise strength, Moody's said.

Ratings also are constrained by its relatively short track-record and modest distribution capability, the agency said.

The company's low risk profile and its primarily fee-based business, which targets asset management and money market investments on behalf of third-parties, support the ratings.

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