Fitch upgrades Bladex

Fitch Ratings said it upgraded Banco Latinoamericano de Comercio Exterior's (Bladex) issuer default rating to BBB+ from BBB.

The upgrades reflects the bank's balance sheet, which it strengthened by improving its funding structure and closing maturity gaps, while maintaining ample liquidity, sufficient capital and outstanding asset quality, according to the agency.

Bladex has proven that it can face severe crises and has successfully refocused its strategy achieving moderate growth while ensuring a more consistent financial performance, the agency said.

The ratings reflect the company's expertise in Latin American trade finance, solid asset quality, ample and proven liquidity, and strong capitalization, Fitch said.

The ratings are tempered by the company's narrow albeit stable margins, loan and funding concentration and, lack of external support, the agency said.

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