Fitch lifts Banco Continental

Fitch Ratings said following the upgrade of Peru's sovereign ratings and country ceiling to BBB, the agency upgraded BBVA-Banco Continental's foreign-currency long-term issuer default rating to BBB from BBB-, foreign-currency short-term issuer default rating to F2 from F3, local currency long-term issuer default rating to BBB+ from BBB and local-currency short-term issuer default rating to F2 from F3.

The agency affirmed the individual rating at C/D and support rating at 2.

The outlook is stable.

Ratings reflect the potential support from key stakeholder Banco Bilbao Vizcaya Argentaria (AA-), strong franchise and sound performance, the agency said.

The individual rating is constrained by rapid growth, slim capital and some margin pressure, Fitch said.

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