MEXICO CITY--(BUSINESS WIRE)--GENTERA, S.A.B. de C.V., (“GENTERA”) (BMV: GENTERA*) informs that Banco Compartamos S.A. I.B.M., the main subsidiary of GENTERA, was upgraded today in its national scale long-term rating by Fitch Ratings (“Fitch”).
Fitch Ratings took the following actions:
- Upgraded Banco Compartamos’ national long-term credit to ‘AA+(mex)’ from ‘AA(mex)’
- Affirmed its short-term credit rating to ‘F1+(mex)’
- Upgraded Banco Compartamos’ local bank bond ratings (Certificados Bursátiles), COMPART 10, COMPART 11, COMPART 12, COMPART 13 and COMPART 14 to ‘AA+(mex)’ from ‘AA(mex)’
- The long-term ratings perspective is ‘Stable’.
According to the press report issued earlier today, Fitch stated:
“…The increase in the long-term rating is based on the bank's ability to manage the risks associated with its business model, while maintaining a consistent and highly profitable financial profile, even compared to other microfinance institutions in Latin America over the years.
Its solid performance, capital structure and asset quality have been resilient in times of low economic growth, to an intensified competition in situations of lower stability in interest rates and in situations of low liquidity in the financial markets…”
GENTERA, S.A.B. de C.V. (formerly Compartamos, S.A.B. de C.V.) is a holding company whose primary objective is to promote, organize and manage companies, domestic and international, that are subject to its investment policies. GENTERA was established in 2010 and is headquartered in Mexico. Its shares began trading on the Mexican Stock Exchange on December 24, 2010 under the ticker symbol COMPARC*. On January 2, 2014, the ticker symbol was changed to GENTERA*.
Note on Forward-Looking Statements
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, Company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.