Fitch has downgraded and withdrawn its long-term national scale rating to B(dom) from BB-(dom) on Dominican Republic-based lender Banco Micro, a press release from the ratings agency reads.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.
Starting June 10, Fitch will no longer rate Banco Micro.
To read the full press release, in Spanish, go to this link