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Fitch upgrades Santander Consumo's asset manager rating

Fitch Ratings on Aug. 15 raised Santander Consumo SA de CV SOFOM ER's asset manager rating to AAFC1(mex) from AAFC2+(mex).

The upgrade reflects the total integration of the Mexico-based entity's operation with and support of parent Banco Santander México SA. The rating action also considers the company's efforts to control early loan delinquencies and initiative to improve long-term portfolio quality.

Meanwhile, Fitch affirmed the asset manager rating of Santander Consumo's sister unit, Santander Vivienda SA de CV Sociedad Financiera de Objeto Múltiple ER, at AAFC1(mex). The outlook on both entities is stable.