Fitch upgrades Banco Fibra

Fitch Ratings said it upgraded Banco Fibra SA's national long-term rating to A(bra) from A-(bra), upgraded its national short-term rating to F1(bra) from F2(bra) and affirmed its support rating at 5.

The outlook is stable.

The agency said the upgrade reflects its opinion that Fibra has been successful in the development of its business as supported by differentiated access to local and foreign institutional funding, improved operational performance relative to peer average, greater diversification of revenue sources, expectations of more moderate leveraging and the implementation of strategies to enlarge the geographic distribution of Fibra's wholesale and retail credit portfolios through acquisitions, organic growth and by offering credit products aimed at greater diversification of credit products and recurring revenue sources.

The ratings further reflect Fibra's prudent management of liquidity, satisfactory asset quality, asset and liability concentrations that are normal for medium-sized banks and significant volume of intangibles in the bank's capital base, Fitch said.

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