Fitch Ratings on May 30 upgraded the long-term and short-term ratings of Mexico's Banco Bancrea SA Institución de Banca Múltiple to BBB+(mex) and F2(mex) from BBB(mex) and F3(mex), respectively.

The outlook remains stable.

Fitch said it raised the ratings due to the "continuous strengthening" of Bancrea's business profile as it has grown its franchise. The rating agency also pointed to the bank's "modest but growing financial performance" and asset quality metrics that are "in line with the model focused on micro, small and medium-sized enterprises."

In making its rating decision, Fitch said it also considered Bancrea's above-average pace of growth, "positive" profitability levels and its "reasonable" liquidity profile, funding structure and delinquency indicators.