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Fitch upgrades Panama's MMG Bank on improved risk profile

Fitch Ratings on Dec. 15 upgraded the long-term national rating of MMG Bank Corp. to AA(pan) from AA-(pan).

Meanwhile, the bank's short-term national rating was maintained at F1+(pan). The outlook on the long-term rating is stable.

The upgrade reflects the bank's better risk profile due to the continuous diversification of revenues and a strong market positioning and franchise in its main line of business. In addition, the action takes into account the bank's lower dependence on its main customers as it maintains high liquidity and high asset quality.

The profile of the company, due to its size and concentration in a specific niche, and high liquidity are factors of high importance for ratings. Fitch also considers other financial indicators and risk management within the Panamanian market in its ratings action.