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Article: Fitch Upgrades Banco del Pichincha to 'B-' After Sovereign Action.
- Article from:
- Business Wire
- Article date:
- October 8, 2004
CopyrightCOPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Fitch Ratings, the international rating agency, has today upgraded the long-term rating of Ecuador's Banco del Pichincha and Subsidiaries (BPS) to 'B-' from 'CCC+'. The Rating Outlook is Stable. The upgrade follows a similar action taken on Ecuador's long-term rating that reflects improvements in the government's access to financing, spending restraint, and export growth. At the same time, Fitch has affirmed the bank's support rating at '5'. The 'B-' rating indicates that significant credit risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is contingent upon a ...