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S&P affirms Financiera Independencia amid stable financial performance

S&P Global Ratings on Dec. 6 affirmed Financiera Independencia SAB de CV's long-term global scale issuer credit rating at BB- and national scale ratings at mxBBB+/mxA-2, with a stable outlook.

The ratings reflect the Mexican lender's stable financial performance, sound market share in the microfinance sector, and its geographic diversification, S&P said.

The rating agency's projected risk-adjusted capital ratio for the bank averages about 9.4% for 2018 and 2019, and takes into account the company's stable internal capital generation and modest credit growth.

While the firm's asset quality metrics have remained stable, they still compare poorly to those of its peers, S&P said.

Financiera Independencia's stand-alone credit profile remains at "bb-."

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.