Fitch ups Banco Daycoval to A-

Fitch Ratings said it upgraded Banco Daycoval SA's national long-term rating to A- from BBB+.

Following the upgrade, the outlook is now stable.

At the same time, the short-term rating of F2 and the support rating of 5 are affirmed.

Fitch said the upgrade reflects Daycoval's success in expanding its loan operations while keeping risks under control. It also considers the bank's expertise in structuring loans and lending, which is reflected in the sustained superior asset quality compared to its peers.

Fitch said it expects Daycoval to continue to be successful in its growth strategy and funding diversification, while maintaining a conservative leverage, which is one of its strengths.

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