Fitch Ratingson Sept. 26 affirmed the national rating of Administradorade Fondos de Pensiones Confía SA at AAA(slv), with a stable outlook.

The rating reflectsthe intrinsic performance of the entity, whose main function is to administer theFondo de Pensiones AFP Confía, Fitch said. It also incorporates the entity's strongmarket position, systemic importance albeit a conservative financial profile asit keeps no financial debt, robust profitability margins, strong capitalizationand adequate risk management. However, the rating also considers the sensitivityof the entity to economic cycles.

Despite a newproposal that aims to implement a mixed pensions system in El Salvador consistingof both public and private players, Fitch still based its assessment on the currentlegislation, citing uncertainty in the approval of the proposed reform in the short-termor possible changes in its main section.