The increase was granted by the risk evaluator FIX SCR. In addition, it ratified the A1+(arg) rating for Short-Term Debt.
Banco Comafi improved its long-term credit rating
Banco Comafi obtained an improvement in its credit rating from FIX SCR, an agency affiliated with Fitch Ratings, going from AA-(arg) to AA(arg) for Long-Term Debt and maintaining a Stable Outlook. Additionally, for Short-Term Debt, the banking entity is consolidated at A1+(arg).
In this way, it becomes the only local bank to rise in the regional ranking, within the range of entities rated AA (arg).
“This long-term credit rating upgrade, going from AA- to AA, is something very meritorious for our entity in this very particular and complicated context for the financial industry”said Iván Soñez, CFO of Banco Comafi, who described 2023 as a milestone to be recognized by FIX SCR, an agency with more than 100 years of experience in preparing credit opinions and prospects in the region’s credit markets.
Among the relevant factors, the adequate sustained performance, the market positioning in business areas where Banco Comafi has competitive advantages, the quality of management management and the growing diversification of income sources also stand out. Besides, The report highlighted “the ample liquidity”, the “expenditure control” and “the good quality of the assets” of the entity, which also saw its Short-Term Debt rating ratified at A1+(arg).
“The solidity demonstrated in our growth in recent periods, the expertise of the executive team and the ability to generate business were the fundamental points that members of the agency highlighted to increase the rating,” said Soñez.
It should be noted that FIX used the Financial Entity Rating Methodology presented to the National Securities Commission (available at www.cnv.gov.ar). The corresponding report is available at “www.fixscr.com”.
Source: Ambito
