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Fitch affirms Factoring Security at A+(cl)

Fitch Ratings on April 29 affirmed its A+(cl) long-term and N1+(cl)short-term national ratings of  with a stableoutlook.

The firm's national ratings are based on the support providedby its shareholder Grupo SecuritySA, which is also rated A+(cl) by Fitch.

The rating agency noted that FSecurity's branding image is inline with its controller group as well as its "consistent contribution to thegroup's results and its funding profile history, which is fully explained by suppliersof wholesale funds, resulting in a high probability of support by the controllinggroup."

Fitch also noted that FSecurity's operation is self-sufficientin its funding, operations and risk management. The ratings, however, are sensitiveto any potential changes in the operations of Grupo Security or its level of supportto FSecurity, Fitch said.