Fitch Ratings on June 5 affirmed the long- and short-term national ratings of Mutual Cartago de Ahorro y Préstamo, or Mucap, at A(cri) and F1(cri), respectively.
The outlook on the long-term ratings remains stable.
Fitch said the ratings reflect the company's specialized business model, good asset quality and profitability in line with its business profile. The ratings also consider Mucap's business concentration, Fitch added.
"Said model is clearly defined, focusing mainly on mortgage loans with housing destiny for a medium-low segment. This specialization of its business has allowed it to stand out in the housing sector, with a 3.8% share as of March 2017," the rating agency added.
In addition, the ratings consider the support the company would receive from the Costa Rican government, if required. Mutual savings banks are under unlimited state guarantees through Banco Hipotecario de la Vivienda, strengthening their ability to meet obligations to the benefit of creditors.