Fitch Ratings on Oct. 16 affirmed and withdrew its national scale ratings on Scotiabank (Panamá) SA, citing commercial reasons.

Prior to the withdrawal, the rating agency affirmed the bank's long- and short-term national ratings at AAA(pan) and F1+(pan), respectively. The long-term rating had a stable outlook.

The withdrawal follows parent company Bank of Nova Scotia consolidating its operations in Panama. As part of that process, banking regulator SBP approved the voluntary liquidation of Scotiabank Panamá earlier in 2018.