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S&P upgrades ratings of Mexico’s Banco Compartamos

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S&P upgrades ratings of Mexico’s Banco Compartamos

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Microfinance Monitor, April 16, 2010: Ratings agency Standard and Poor’s has upgraded the Mexican microfinance bank Banco Compartamos’s long and short-term ratings to ‘mxAA‘ and ‘mxA-1+’, respectively.
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The upgraded ratings reflect Compartamos’ capacity to maintain its financial profile, based on its asset quality and profitability, which surpasses those reported by the main participants of the Mexican financial sector, said a press release from S&P.
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In addition, the ratings for the local bank bonds (COMPART 09) were also upgraded to ‘mxAA’ and ‘mxA-1+’, with a ‘Stable’ outlook. The stable outlook reflects the bank’s financial profile, which it has been able to sustain despite a continued and complex economic environment, said the statement.
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“Even more positive ratings action could occur in the case that Compartamos were to diversify even further its revenue streams and if its financing sources allow the Bank to have more stable financing sources,” the statement added.
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