Fitch Affirms Pichincha Ratings

Fitch Affirms Pichincha Ratings

Corporate & Sovereign Strategy

Fitch has affirmed the foreign-currency issuer default ratings (IDRs) on Ecuador's Banco del Pichincha's as B- (minus) for long-term and B for the short-term. The rating outlook is negative. The affirmations reflect the Bank's "strong franchise in Ecuador, its broad deposit base, its adequate liquidity and its improving financial performance," according to Fitch. Pichincha's ratings are above Ecuador's sovereign ratings (long-term IDR CCC on a negative watch) because of its small exposure to gov

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