Fitch Ratings on March 18 upgraded the long-term national scale ratings of Chile-based Banco Security SA, Grupo Security SA and Factoring Security SA.

The upgrade of Banco Security's long-term rating to AA(cl) reflects the improvement in the bank's intrinsic financial profile, driven by continued growth in its profitability and a positive trend in its Fitch Core Capital indicator, the rating agency said. It also noted that the bank has maintained its asset quality despite a challenging environment.

The ratings action on Banco Security prompted the upgrade of Grupo Security and Factoring Security's ratings to AA-(cl). Grupo Security's rating is a notch lower than that of Banco Security, reflecting the holding company's double leverage level, individual financial debt indicators that are better than other local financial holdings, and adequate perceived dividend flows.

Meanwhile, Factoring Security's rating reflects that of its controlling shareholder, Grupo Security, which Fitch views as having the ability and willingness to provide support to the unit if needed.

The outlook on the long-term ratings is stable.