Fitch Ratings on March 23 assigned BBB- long-term foreign currency issuer default ratings, with a stable outlook, to Panama-based MMG Bank Corp.
The rating agency also assigned the bank a viability rating of "bbb-" and short-term foreign currency issuer default ratings of F3.
In assigning the ratings, Fitch noted that the bank's issuer default ratings are based its intrinsic creditworthiness as reflected in its viability rating. The viability rating, in turn, reflects in part the company's moderate credit profile due to a relatively small size and concentrated niche. The bank's position within an increasingly competitive operating environment and its strong liquidity also factor in its viability rating.
Fitch also considered the bank's current favorable asset quality ratios, robust capitalization and superior profitability metrics compared to peers, as well as its adequate risk management.