Fitch affirms Daycoval

Fitch Ratings said it affirmed Banco Daycoval SA's long-term foreign-currency issuer default rating at BB, long-term local-currency issuer default rating at BB, short-term foreign-currency issuer default rating at B, short-term local- currency issuer default rating at B, $300 million senior notes at BB, national long-term rating at A+(bra) and national short-term rating at F1(bra).

The outlook is stable.

The ratings reflect a consistent track record for profitability, making it well-positioned regionally, Fitch said, along with its strong capitalization and prudent management of liquidity.

The ratings also factor in its medium size, consequent asset and liability concentrations and the challenge of finding more diversified funding channels and revenue sources, the agency said.

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