Panama Mortgage Bank Upgraded

Fitch has upgraded Panama’s Banco La Hipotecaria, to A from A minus on a national scale, it said in a release. The outlook on the rating is stable. The rating action reflects the strategic relevance it represents for its parent company, Grupo ASSA, says Fitch. The bank has seen an increase in clients in recent years and has always been able to count on the support of its parent company, which adds to the decision to upgrade the company, says the ratings agency. The rating also reflects the potential support Hipotecaria would get from the shareholders of Grupo ASSA, should it need it in the future, adds Fitch.