Fitch ups Grupo Cooperativo Cajamar

Fitch Ratings said it upgraded Grupo Cooperativo Cajamar's long-term issuer default rating to BB from BB- and viability rating to bb from bb-.

The outlook is stable.

At the same time, Fitch upgraded Banco de Credito Social Cooperativo, SA's and Cajamar Caja Rural, Sociedad Cooperativa de Credito's long-term issuer default ratings to BB.

Banco de Credito Social Cooperativo's subordinated debt was affirmed at B+ and removed from under criteria observation to reflect the switch to a baseline notching of two notches for loss severity from the anchor rating under Fitch new bank rating criteria published on Feb. 28.

“The upgrade of the ratings reflects the group's success in reducing problem assets (impaired loans and net foreclosed assets) in the past few years, which at the same time has substantially reduced the group's capital at risk from unreserved problem assets,” the agency said in a news release.

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