Fitch Ratings on June 15 upgraded Mercader Financial SA SOFOM ER's long-term national scale rating to A-(mex) from BBB+(mex) and affirmed the short-term rating at F2(mex).

The outlook on the long-term ratings is stable.

The upgrade of the rating reflects a consistent strengthening of the Mexican company's franchise compared with its peers, the rating agency said. It also incorporates a "modest improvement" in Mercader's tangible leverage indicator following a recent capital injection of 200 million Mexican pesos in April, Fitch said.

In addition, the ratings account for Mercader's "modest franchise within the Mexican financial system albeit with a long history, a concentrated business model and risks inherent in accelerated growth," the rating agency said, adding that they also include controlled delinquency indicators and a broad diversification in their funding sources, as well as indicators of moderate capitalization and profitability.

As of June 14, US$1 was equivalent to 20.65 Mexican pesos.