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Fitch upgrades Dominican Republic's Asociación Cibao de Ahorros y Préstamos

Fitch Ratings on Dec. 10 upgraded Asociación Cibao de Ahorros y Préstamos's long- and short-term national ratings to AA-(dom) from A+(dom), and F1+(dom) from F1(dom), respectively.

The upgrade reflects the robust and stable financial profile of the Dominican Republic-based company, with delinquency levels that are significantly lower than the financial system average, the rating agency said. Its risk management is also considered adequate.

ACAP, as the company is known, is the second-largest savings and loan association in the Dominican Republic in terms of assets, with 26.2% of assets out of all savings and loan associations in the country. In terms of the entire financial system, 2.75% of total assets and 2.48% of total deposits.

ACAP's delinquency level stood at 0.8% as of September, and past-due portfolio coverage was above 160%. Provision expenses have significantly gone down since 2016.