S&P keeps Vision Banco at B+ with "positive" outlook

(ADPnews) - Sep 29, 2010 - S&P on Tuesday maintained its B+ counterparty credit rating with a "positive" outlook on Uruguay-based lender Vision Banco SAECA.
The service pinned the rating affirmation on the bank's adequate credit quality despite its active expansion in the past five years that has squeezed its capital. The ratings on Vision Banco also benefit from its solid market standing, good profitability due to high interest margins and diverse revenues, and conservative provisioning.
However, the ratings on the bank are limited by high country risk and uncertainties related to the rapidly growing financial sector, which lacks a solid institutional and legal background, the agency noted.
Still, the bank could be upgraded in a year or two as implied by the "positive" rating outlook if further enhances its competitive position in the domestic banking industry, S&P added.

Rating agency website: www.standardandpoors.com

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