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Fitch affirms ratings of Banco Security, affiliates; outlook revised to positive

Fitch Ratings on March 28 affirmed the national ratings, while revising the outlook to positive from stable, of Banco Security SA and its parent Grupo Security SA, as well as its subsidiary Factoring Security SA.

Fitch maintained the bank's AA-(cl) long- and N1+(cl) short-term national ratings. The rating agency also kept the A+(cl) national ratings of Grupo Security and Factoring Security.

The outlook revision considers the progress observed by Fitch in implementing the business strategy of the bank, leading to better diversification of revenue by business segments, the strengthening of its balance sheet management and structural liquidity as well as mainly improved indicators of capital base during 2016.

These factors are accompanied by a stable financial performance, although more modest than their peers, and strong asset quality, Fitch said.

However, Fitch said it will continue to evaluate the bank's ability to improve its capitalization and profitability against a more restrictive operating environment, which has affected the growth in loans and the margins of the financial system.