Fitch ups Banco Daycoval

Fitch Ratings said it upgraded Banco Daycoval SA's long-term foreign- and local-currency issuer default ratings to BB+ from BB.

The outlook is stable.

The agency also said it upgraded its viability rating to BB+ from BB, long-term national rating to AA-(bra) from A+(bra), short-term national rating to F1+(bra) from F1(bra), senior unsecured notes due March 2015 to BB+ from BB and senior unsecured notes due January 2016 to BB+ from BB.

The agency also said it affirmed its short-term foreign- and local-currency issuer default rating at B.

The upgrades reflect the further diversification of Daycoval's funding and revenues generation, the agency said, as well as the continuous improvements on its operational performance and consistent profitability track record.

The ratings also consider the company's better-than-peer capitalization and prudent liquidity management, which helped it to maintain high cash balances, even during stress periods, Fitch said.

The ratings also incorporate the fact that Daycoval is a midsized bank with asset and liability concentrations, the agency said.

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