Fitch ups Grupo Financiero

Fitch Ratings said it upgraded the individual rating assigned to Grupo Financiero Continental (GFC) to C from C/D. Fitch said it also affirmed the company's respective long- and short-term foreign currency ratings of BBB- and F3, as well as the support rating of 5.

At the same time, Fitch said it affirmed the long- and short-term foreign currency ratings of GFC's principal subsidiary, Banco Continental de Panama, SA and subsidiaries, of BBB- and F3, respectively.

The upgrade of GFC's individual rating reflects its proven track record of consistently healthy profitability, good asset quality and solid capital ratios, which it has maintained throughout a period of substantial acquisition-driven growth since 2002, the agency said.

Fitch also said its ratings reflect the bank's established franchise in Panama as well as the risks associated with its expansion into less stable economies and limited revenue diversification.

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