S&P GlobalRatings on Oct. 4 affirmed Credivalores-CrediserviciosSAS' long- and short-term counterparty credit ratings at B+ and B, respectively.

The outlookremains stable, while the company's stand-alone credit profile remains at "b+."

Credivalores'ratings reflect its business position, risk position, and capital and earnings,all of which S&P described as adequate.

"In ourview, the company's credit losses will likely be manageable for the next 12–18 monthsbecause payroll discount loans account for 57% of its total loans, and we don'texpect the unemployment rate to affect this portfolio, since more than 80% of itspayroll clients are public employees or retirees," S&P said.

S&P Global Ratings and S&P Global MarketIntelligence are owned by S&P Global Inc.