Fitch drops Lopro

Fitch Ratings said it downgraded the long- term foreign and local currency issuer default ratings of Lopro Corp. to B- from BB-.

Its outlook remains negative.

According to the agency, short-term foreign and local currency issuer default ratings were affirmed at B.

The agency said that the rating actions reflect, despite a high proportion of equity funding, the further deterioration in Lopro's risk profile and financial flexibility because of its weak access to funding and deteriorating pre-provision earnings.

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