Fitch lifts Andina de Fomento IDR to A+

Fitch Ratings said it upgraded Andina de Fomento Corp.'s long-term issuer default rating to A+ from A and affirmed the bank's short-term issuer default rating at F1.

The outlook is stable.

Fitch said the rating action is driven by the sum of several positive trends: the sustained improvement in the credit quality of its founding members, an enhanced capital base and continuing advances in the company's self-imposed prudential and governance norms.

The ratings are limited by the volatility of the economic environments in which the institution operates, its significant loan concentrations and the member countries' creditworthiness, the agency said.

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