Fitch Ratings on March 28 withdrew the viability rating of Panama's Grupo Assa SA.
The withdrawal of the viability rating reflects Fitch's view that Grupo ASSA's creditworthiness depends heavily on that of its main subsidiary, ASSA Tenedora.
At the same time, Fitch affirmed the company's long-term issuer default rating at BBB-, with a stable outlook, and short-term issuer default rating at F3.
The issuer default ratings reflect the creditworthiness of the company's main unit, ASSA Tenedora, which is the most relevant operation in terms of revenues. The ratings also maintain that ASSA Tenedora would not face regulatory restrictions on paying dividends or upstreaming liquidity to the holding company. Grupo ASSA's ratings also "consider the low level of double leverage at the holding level," Fitch said.