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Fitch revises outlook on Banfondesa to positive

Fitch Ratings on Aug. 1 revised the outlook on the long-term national rating of Dominican Republic-based Banco de Ahorro y Credito Fondesa SA to positive from stable, citing the bank's improved profitability and capitalization.

Banco de Ahorro y Credito Fondesa has also shown gradual but consistent diversification in its funding structure and good asset quality, as reflected in its low delinquency and conservative reserve coverage levels, Fitch said.

The rating agency affirmed the bank's long- and short-term national ratings at A-(dom) and F2(dom), respectively. The ratings reflect the bank's profile, underpinned by its limited franchise in the Dominican financial market and its highly concentrated funding and profitability.