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Fitch affirms national ratings on Costa Rica's Banco General

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Fitch affirms national ratings on Costa Rica's Banco General

Fitch Ratings on Dec. 15 affirmed the AAA(cri) long- and F1+(cri) short-term national ratings on Banco General (Costa Rica) SA.

The outlook is stable.

The ratings reflect the support the bank would receive from its Panama-based parent, Banco General SA, if required. Fitch expects any support needed would be immaterial given the parent's capacity and the relatively small size of the subsidiary.

In addition, the ratings consider the reputational risk in the event of default as both entities share a commercial name, as well as high operational and commercial integration. The Costa Rican unit is the parent's only foreign subsidiary with a banking license. Fitch considers the Costa Rican bank of high importance to its parent.