S&P Global Ratings on Jan. 17 affirmed the global and national scale long-term ratings of Financiera Independencia SAB de CV SOFOM ENR, or Findep, at BB- and mxBBB+, respectively.

It also affirmed the firm's short-term national rating at mxA-2. The outlook on the long-term ratings is stable.

The ratings reflect the firm's competitive position in Mexico's microfinance sector and stable income base in the last three years, as well as the diversification of its geographic coverage, including its expansion in the U.S., S&P said.

The company also has a stable funding structure and sufficient liquidity to cover any short-term liabilities, it added. However, the ratings are limited by its non-productive assets and credit quality indicators that are weaker than its peers.

The stable outlook reflects S&P's view that the lender's risk-adjusted capital ratio will be around 9.2% for the next 12 to 18 months, along with modest credit growth and adequate internal capital generation.

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