Fitch ups IBEC

Fitch Ratings said it upgraded International Bank for Economic Co-operation's long-term issuer default rating to BBB from BBB-.

“The upgrade principally reflects a positive revision of our assessment of IBEC's solvency, improving from bbb+ to a-. This adjustment is driven by the ongoing transformation of IBEC's business operations since 2018, which has led to considerable improvements in credit risk, concentration metrics and the bank's risk management framework over the past two years,” Fitch said in a press release.

The outlook is stable.

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