Fitch affirms Engencap

Fitch Ratings said it affirmed the local and foreign currency long-term issuer default ratings at BB- and local and foreign currency short-term issuer default ratings at B for Engencap Holding, S de RL de CV.

The outlook is stable.

“Engencap Holding's ratings are highly influenced by its strengthened franchise and business scale after the acquisition of TIP de Mexico, SA de CV (TIP), which has positioned the company as second in the leasing segment in Mexico,” the agency said in a news release.

“Nevertheless, its company profile continues to be of a niche nature and of a moderate size in the national financial sector.”

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