S&P Global Ratings on Dec. 18 revised its outlook on Multibank Inc.'s ratings to positive from stable, reflecting a strengthening of the Panama-based bank's business profile.

In announcing the outlook revision, S&P said Multibank has focused on improving its business stability, as evidenced by its stronger corporate governance structure and a level of business diversification in line with the country's banking system.

Although the bank has experienced faster loan growth compared to peers over the past three years, it still had a moderate market share of about 4.5% in terms of loans and deposits as of Sept. 30, the rating agency noted.

S&P expects the bank to show a risk-adjusted capital ratio of 10.4% during the next 24 months. The lender's stand-alone credit profile remains at "bbb-."

At the same time, S&P affirmed the company's global scale long- and short-term issuer credit ratings at BBB- and A-3, respectively.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news article can be found here.