Fitch upgraded the long-term national scale ratings of CIBanco S. A. Institución de Banca Múltiple, CI Casa de Bolsa SA de CV and Finanmadrid México SA de CV SOFOM Entidad Regulada to A(mex) from A-(mex).

The rating agency also raised the short-term national ratings on the three firms to F1(mex) from F2(mex).

The outlook on the long-term ratings is stable.

CIBanco's "consistent progress in the development of its franchise within the segments in which it operates, as well as the strengthening of its financial indicators of liquidity and profitability" contributed to the ratings upgrade, Fitch said.

The bank also has shown stronger financial indicators, including high profitability levels, with Fitch predicting positive results by the end of 2018 supported by growth in investments and portfolio placements, and diversified revenues.

CI Casa de Bolsa and Finanmadrid's ratings are linked to their parent, as both firms are important for CIBanco.