Fitch downgrades, withdraws ratings on Banco Micro

Monday, June 13, 2011

Fitch has downgraded and withdrawn its long-term national scale rating to B(dom) from BB-(dom) on Dominican Republic-based lender Banco Micro, a press release from the ratings agency reads.

Fitch also affirmed and withdrew its short-term national scale rating of B(dom) for the bank.

The downgrade reflects Banco Micro's deterioration in its loan portfolio and negative operational performance, which hurt its financial performance.

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Starting June 10, Fitch will no longer rate Banco Micro.

To read the full press release, in Spanish, go to this link