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S&P affirms Panama-based Multibank

Standard & Poor's Ratings Services on March 30 affirmedMultibank Inc.'slong- and short-term issuer credit ratings at BBB- and A-3, respectively, witha stable outlook.

The bank's stand-alone credit profile remains at "bbb-."

The Panama-based bank's ratings are based on its strongcapital and earnings, reflected in a risk-adjusted capital ratio consistentlyabove 10% during the past two years. The ratio is expected to stand at about10.31% during 2016 and 2017.

The ratings also reflect Multibank's moderate businessposition given its still relatively low market position relative to other localplayers, its adequate risk position, average funding within the Panamanian bankingsystem, and adequate liquidity, S&P said.

The rating agency noted that the lender's large retaildeposit base and its manageable short-term obligations bolster its liquidityposition.

S&P Ratings andGlobal Market Intelligence are owned by McGraw Hill Financial Inc.