Fitch Ratings on Dec. 12 affirmed and subsequently withdrew its international ratings on Peru's Banco Agropecuario, saying that the withdrawal was due to commercial purposes.
The affirmation of the bank's long- and short-term issuer default ratings at BBB+ and F1, respectively, reflects limited change in the company's credit profile since Fitch's last review in September. The outlook was stable prior to the withdrawal.
Agrobanco, as the bank is known, is an integral part of the Peruvian government's agricultural development strategy, Fitch said. Despite its small share of the financial system, the lender "is one of the most important sources of financing" for the country's agricultural sector.