Fitch affirms Banco Daycoval

Fitch Ratings said it affirmed Banco Daycoval SA's long-term foreign- and local-currency issuer default ratings at BB, short-term foreign- and local-currency issuer default ratings at B, long-term national rating at A+(bra), short-term national rating at F1(bra), its senior unsecured notes due March 2015 at BB and senior unsecured notes due January 2016 at BB.

The ratings reflect a consistent track record of profitability despite low leverage, sound capitalization and prudent liquidity management, Fitch said.

The ratings also consider the bank's moderate size and concentrations in assets and liabilities, the agency said, along with its wholesale funding structure and weakening margins.

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