April 21, 2022 |
Moody's said it upgraded savings club Consorcio del Uruguay by one notch to Ba2 with a stable outlook, based on better results over the last two years.
"Consorcio has a relatively stable funding structure that derives from the long-term nature of its savings plans and a business model which essentially links its borrowers to its savings plans' contributors," Moody's said in a report on Tuesday.
Montevideo-based Consorcio recorded sustained growth in 2020 and 2021 and had increased capital by 15.
Rating agency gives the Uruguayan savings club a Ba2 on sustained growth over the last two years