Fitch affirms Banco Multiple Leon, Valores Leon

Fitch Ratings said it affirmed Banco Multiple Leon's long-term foreign- and local-currency issuer default ratings at B-, short-term foreign- and local-currency ratings at B, long-term national rating at BBB+(dom), short-term national rating at F2(dom) and long-term national subordinated debt at BBB-(dom).

Fitch affirmed the bank's related entity Valores Leon's long-term national rating at BBB+(dom), short-term national rating at F2(dom) and long-term national senior unsecured debt rating at BBB+(dom).

The outlook is stable.

Banco Multiple's ratings reflect adequate liquidity ratios as well as sustained improvement in credit risk management and income diversification as well as the operational support of its sole shareholder, the Leon family, the agency added.

The ratings consider the bank's still comparably weak asset quality and profitability ratios relative to similarly rated Latin American regional peers, the agency added.

Valores Leon's ratings reflect the operational and financial support provided by Banco Multiple Leon, the agency said.

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