Fitch Ratingson July 8 affirmed the long- and short-term national ratings of at A-(bra) and F2(bra),respectively.
The outlookis stable.
The affirmationreflects the benefits the bank gets as part of the Martins group, the second largestwholesale distributor in the country. According to Fitch, the bank works seamlesslywith the main company of the group, Martins Trade and SA Distribution Services,with reasonable business scale, good revenue generation in the retail segment andadequate financial condition.
"The explorationof intragroup synergies, high financial margins, adequate pricing and good costcontrol has benefited the profitability of the bank," the rating agency noted.However, the current economic recession scenario is a challenge in maintaining theprofitability ratios. Credit quality indicators have also deteriorated throughout2015, especially in the second half, following impairments and the largest defaultin the local market, Fitch said.