Fitch maintains B- ratings for Pichincha, Produbanco, with stable outlooks

Wednesday, November 9, 2011

Fitch has maintained its B- ratings on Ecuadorian banks Banco Pichincha and Produbanco and their subsidiaries, both with a stable outlook.

Pichincha's rating was maintained due to its strong franchise, ample liquidity and good asset quality, with these same factors also influencing the rating for Produbanco.

Pichincha is the largest private sector bank in Ecuador, whereas Produbanco has the fourth largest market share.

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Reports have also suggested that the Pichincha and Produbanco ratings are constrained due to Ecuador's political and regulatory uncertainty.