Fitch Ratings on Dec. 17 affirmed Dacasa Financeira S/A Sociedade de Crédito Financiamento e Investimento's national long- and short-term ratings at BB+(bra) and B(bra), respectively.

Fitch then withdrew the Brazilian lender's ratings for commercial reasons. The outlook was stable at the time of withdrawal.

Among other factors, Dacasa's ratings reflected a funding structure that has relatively high costs as well as the company's small capital base, which limits its ability to absorb losses, Fitch said.