Fitch affirms Banco Pine

Fitch Ratings said it affirmed Banco Pine SA's long-term foreign- and local-currency issuer default ratings at B+, short-term foreign- and local-currency issuer default ratings at B, individual rating at D, support rating at 5, support rating no floor, national long-term rating at A- (bra) and national short-term rating at F2(bra).

The outlook for the long-term issuer default ratings and national long-term rating remains positive.

Ratings reflect the bank's track record of good profitability levels with a history of satisfactory asset quality, adequate liquidity and capitalization ratios, and proven capacity to originate secured consignment and receivables-based lending, the agency said.

They also consider a modest size that makes the bank more vulnerable to a financial crisis, evident in concentrations in its loan portfolio and funding, as well as the efforts to expand funding at lower costs and manage the strong loan origination without compromising asset quality and capitalization ratios, Fitch said.

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