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Fitch upgrades Chile's Interfactor on strong financial profile

Fitch Ratings on Aug. 21 raised Interfactor SA's long- and short-term national scale ratings to BBB+(cl) and N2(cl) from BBB(cl) and N3(cl), respectively, with a stable outlook.

The upgrade reflects the company's strong financial profile and profitability and capitalization metrics that compare favorably with peers. Interfactor has operated effectively in Chile's challenging environment without taking excessive risks, the rating agency said.

Although the company's overdue loan ratio increased slightly to 3.2% as of March 31 from 3.1% at the close of 2018, its asset quality is still in line with similarly rated entities.

The firm's ratings are highly influenced by its small franchise and concentrated business model, with Fitch estimating a 3% market share for it in the non-banking factoring industry.

Interfactor was previously known as Servicios Financieros SA before changing its name in August 2006.