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S&P affirms Panama's Multibank

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S&P affirms Panama's Multibank

S&P Global Ratings on Dec. 20 affirmed Multibank Inc.'s long- and short-term issuer credit ratings at BBB- and A-3, respectively, with a stable outlook.

The ratings take into account the company's modest market position in Panama in terms of loans and deposits, which is somewhat offset by its satisfactory business diversification, and a rise in revenues during the last five years, S&P said.

Multibank's ratings also reflect a projected risk-adjusted capital ratio for the bank of 10.4% over the next 24 months, as well as asset quality metrics that are in line with peers in Panama's banking industry.

"We expect Multibank will encourage faster and higher growth in its loan portfolio than we will see in the Panamanian banking system overall, improving its market position while maintaining conservative underwriting practices," the rating agency said.

The bank's stand-alone credit profile remains at "bbb-."

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.