Fitch Ratings Raises Banco Compartamos’ Rating to ‘AA(mex)’ and Affirms ‘F1+(mex)’ Rating
Banco Compartamos, S.A., Institución de Banca Múltiple ("Compartamos” or "the Company”) (BMV: COMPART), announced today that Fitch Ratings ("Fitch”) took the following actions:
- Raised Compartamos’ national long-term credit rating from ‘AA-(mex)’ to ‘AA(mex)’
- Affirmed the short-term credit rating to ‘F1+(mex)’
- Raised the Company’s local bank bond ratings (Certificados Bursátiles), COMPART 09 and COMPART 10, from ‘AA-(mex)’ to ‘AA(mex)’ for Ps. 2,500,000,000.00 (two billion, five hundred million pesos 00/100)
- The long-term ratings perspective is ‘Stable’
Fitch issued a press release today stating the following:
"The higher long-term ratings mainly consider the improvements in the Compartamos’ funding structure, which has allowed the Company to improve its debt maturity profile and its diversification, while continuing to be fundamentally wholesale in nature. These ratings also reflect Compartamos’ consistent and solid financial performance, its extensive franchise in the microfinance sector and its robust capitalization.”
Fitch concluded, "The long-term ratings perspective is "Stable” and reflects Fitch’s opinion of Compartamos’ ability to maintain sound financial performance indicators, good asset quality and a strong equity position.”
Company Description
Banco Compartamos, S.A., Institución de Banca Múltiple a Mexican bank specialized in microfinance is the largest lender to microbusiness owners in Latin America. Established in 1990 and headquartered in Mexico City, Compartamos provides small loans to low-income Mexican individuals and business owners, such as craft manufacturers, food vendors and other small businesses. The Bank also provides home improvement loans and life insurance products to its clients. With nationwide coverage, Compartamos works with local and international lenders to secure financing to these market segments, which are currently underserved.
Banco Compartamos, S.A., Institución de Banca Múltiple shares began trading on the Mexican Stock Exchange on April 20, 2007 under the ticker symbol "COMPART”. On December 2010, 97.24% of the Bank’s shares were transferred to the new holding structure, Compartamos, S.A.B. de C.V. The Holding’s shares trade on the Mexican Stock Exchange under the ticker "COMPARC”.
Note on Forward-Looking Statements
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates”, "believes”, "estimates”, "expects”, "plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
