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Fitch affirms Grupo Profuturo ratings, revises outlook to stable

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Fitch affirms Grupo Profuturo ratings, revises outlook to stable

Fitch Ratings on Nov. 30 affirmed Grupo Profuturo SAB De CV's AAA(mex) long- and F1+(mex) short-term national counterparty ratings and revised the outlook of the long-term rating to stable from negative.

The rating agency said the company has shown consistent financial performance through the business cycle resulting from the leadership position of its operating subsidiaries, Profuturo GNP SA de CV Afore and Profuturo GNP Pensiones SA de CV.

Despite the aggressive practice of dividend payment and the existence of double leverage, the company's performance translates into a recurring generation of profits through the economic cycle that is reflected in a solid equity position, Fitch noted.

Likewise, the ratings consider the group's prudential risk management throughout all of its operating subsidiaries.