Mexican leasing company Facileasing got a substantial boost in its credit ratings following a takeover by the country's largest financial group, BBVA Bancomer, earlier this month.
Ratings agency Fitch increased Facileasing's credit ratings to AAA(mex) and F1+(mex) from A-(mex) and F2(mex) for the long and short term respectively, with a stable outlook.
Fitch said the upgrade was based on the implicit understanding that Bancomer's Spanish parent, BBVA (NYSE: BBVA), would now support Facileasing financially.
The leasing firm reported just 100,000 pesos (US$8,500) in earnings in 2010, down sharply from the 9.26mn pesos it earned the previous year.
To read Fitch's full report, in Spanish, go to this link.