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Fitch raises national rating of El Salvador's Mi Banco

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Fitch raises national rating of El Salvador's Mi Banco

Fitch Ratings on Oct. 4 upgraded the long-term national rating of El Salvador-based Multi Inversiones Banco Cooperativo De Los Trabajadores SC De RL De CV to A-(slv) from BBB+(slv).

The increase in the rating is due to the bank's stronger business model as a result of greater funding diversification. Specifically, the concentrations in the principal depositors have been markedly decreased, while the diversification of local and external funding sources has grown, Fitch said.

Mi Banco, as the bank is known, also maintains good asset quality and adequate operating profitability, despite having modest capitalization due to accelerated growth.

The outlook of the rating is stable.