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Gentera B de C : 10-06-2019 Gentera announces the decision made by Fitch Ratings
|10/04/2019 | 08:37pm|
GENTERA ANNOUNCES THE DECISION
MADE BY FITCH RATINGS
Mexico City, Mexico, June 10, 2019 - GENTERA, S.A.B. de C.V., ("GENTERA") (BMV: GENTERA*) informs that Banco Compartamos S.A. I.B.M., the main subsidiary of GENTERA, received modifications to its global scale rating by the rating agency FITCH Ratings ("FITCH") on June 7. This, in line with the adjustments made to the ratings of different financial institutions in Mexico following the changes that this rating agency made to the sovereign rating of Mexico on June 5 of this year.
Fitch Ratings took the following actions:
-Long-term foreign and local currency IDRs downgraded to 'BBB-' from 'BBB', Outlook Stable; -Short-term foreign and local currency IDRs downgraded to 'F3' from 'F2';
-Viability Rating downgraded to 'bbb-' from 'bbb'; -Support Rating affirmed at '5';
-Support Rating Floor at 'NF'.
-National scale long-term and short-term ratings were affirmed at 'AA+(mex)' and 'F1+(mex)' respectively.
According to the press report issued, Fitch Ratings stated:
"… Fitch has downgraded the ratings of Banco Compartamos by one notch, whose international ratings are at or close to the sovereign rating and driven by its stand-alone credit profile as reflected by the VRs. Fitch believes this Bank's performance and prospects could be affected by a worsening operating environment, reflecting the agency's view that the relativities of the VR/IDRs versus the sovereign rating should be maintained…"
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.
For additional information, please contact:
Enrique Barrera Flores, Investor Relations Officer
Brenda García Cárdenas, Investor Relations
Telephone: +52 (55) 5276-7379
Gentera SAB de CV published this content on 06 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 October 2019 00:36:07 UTC