Fitch ups Banrisul national ratings

Fitch Ratings said it affirmed the Banco do Estado do Rio Grande do Sul’s (Banrisul) long-term local and foreign currency issuer default ratings.

The agency also upgraded Banrisul's long-term national ratings to A(bra) from A-(bra) and short-term national rating to F1(bra) from F2(bra).

The outlook is stable.

“The upgrade of Banrisul's national ratings reflects improvements to its financial profile, particularly to profitability and capitalization metrics,” Fitch said in a news release.

“These metrics are driven by progressive enhancement of the quality of the bank's assets, which have benefited from provisioning expenses as compared to local peers.”

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