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Fitch upgrades Banco Consorcio's viability rating to 'bbb'

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Fitch upgrades Banco Consorcio's viability rating to 'bbb'

Fitch Ratings on March 18 upgraded Banco Consorcio's viability rating to "bbb" from "bbb-" as it pointed to the bank's ability to maintain a strong financial profile amid growth.

Banco Consorcio's financial profile is supported by its good profitability, solid capitalization, adequate credit risk management and improved liquidity, the rating agency said.

The Chile-based bank has a moderate, albeit growing, franchise, with a loan market share of 1.5%. Fitch noted that the bank benefits significantly from the strong franchise of Grupo Consorcio, the largest insurance group in Chile.

Meanwhile, Fitch affirmed Banco Consorcio's BBB long- and F2 short-term foreign and local currency issuer default ratings as well as its AA-(cl) long- and N1+(cl) short-term national ratings. The outlook on the long-term ratings is stable.