Fitch lifts Bicbanco

Fitch Ratings said it has upgraded the national long- and short-term ratings of Banco Industrial e Comercial SA to A(bra) from A-(bra) and to F1(bra) from F2(bra), respectively.

At the same time, Fitch said it has affirmed the support rating of 5.

The outlook for the national long-term rating remains stable.

According to the agency, the ratings upgrade contemplates the good results of Bicbanco's strategic planning, with consequences for the development of its business; its satisfactory track record, even during the recent global financial crisis, which mainly affected the small and medium-sized banks; success in strengthening its franchise in recent years; its extensive experience in its main business segment, lending to medium-sized companies; conservatism in boosting provisions during periods of greater market delinquency and prudent liquidity management.

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