Fitch ups Daycoval notes

Fitch Ratings said it took the following rating actions on Banco Daycoval SA: long-term foreign and local currency issuer default ratings upgraded to BBB- from BB+ with a stable outlook; short-term foreign and local currency issuer default ratings upgraded to F3 from B; viability rating upgraded to BBB- from BB+; support rating affirmed at 5; support rating floor affirmed at no floor; long-term national rating upgraded to AA(bra) from AA-(bra) with a stable outlook; short-term national rating affirmed at F1+(bra); senior unsecured dollar-denominated notes due March 2015, foreign currency rating upgraded to BBB- from BB+; and senior unsecured dollar-denominated notes due January 2016, foreign currency rating upgraded to BBB- from BB+.

Fitch said the upgrades reflect the bank's consistent track record of performance, maintained in different cycles of local economy, higher business diversification and comfortable liquidity and capitalization positions.

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