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S&P ups Financiera de Desarrollo Nacional's stand-alone credit profile

S&P Global Ratings on Dec. 22 affirmed Financiera de Desarrollo Nacional SA's long-term issuer credit rating at BBB, with a negative outlook, while revising the bank's stand-alone credit profile to "bb" from "bb-."

The revision follows the rating agency changing its capital and earnings assessment on the Colombia-based development bank to "very strong" from "strong." This was the result of a stronger risk-adjusted capitalization ratio that has consistently remained above 15% and is expected to remain at similar levels in the next 12 to 18 months, the rating agency said.

The bank's stand-alone credit profile takes into account its weak business position, undiversified business activities with a limited product range, moderate risk position due to high-risk concentrations, average funding and adequate liquidity.

The company's issuer credit rating, meanwhile, reflects S&P's assessment of an extremely high probability of extraordinary government support, as the bank plays a key role in meeting the government's economic objectives in terms of funding large infrastructure projects.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.