El Salvador

Fitch affirms BBVA Crecer AFP rating

Bnamericas Published: Wednesday, June 11, 2003
Regional rating agency Fitch Centroamerica (Fitch) has affirmed its local AAA rating on El Salvadorian pension fund manager BBVA Crecer AFP with a stable outlook, the agency said in a statement. BBVA Crecer's financial strength, the technical and financial support from BBVA Pensiones and its large share of the local pension market, were cited by the agency as factors behind the affirmed rating. Although Fitch said BBVA Crecer maintains its leadership position in number of affiliates and contributions, the agency noted that its main rival AFP Confia is increasing its number of affiliates and contributions at a faster pace. AFP Confia is benefiting from the gradual disappearance of rival pension fund manager Profuturo, which is undergoing a liquidation process and many affiliates have migrated to AFP Confia, Fitch back-up pension analyst Matias Maciel told BNamericas. BBVA Crecer and Confia will be the only AFPs left in the local pension market when Profuturo is buried and it is a close battle as the former has 50% of total commissions and the latter 49%. BBVA Crecer AFP forms part of Spanish financial group BBVA's (NYSE: BBV) pension division BBVA Pensiones and AFP Confia is controlled by US-based financial services giant Citigroup. Fitch Centroamerica is a unit of international rating agency Fitch Ratings. For more information on the Fitch rating, click on: http://www.bnamericas.com/rc_search_detail.xsql?id_documento=34977&Tx_idioma=E

Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.

Subscribe to Latin America’s most trusted business intelligence platform.

Other projects

Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.

  • Project: Los Ricos
  • Current stage: Blurred
  • Updated: 2 days ago

Other companies

Get key information on thousands of companies in Latin America, from projects, to contacts, shareholders, related news and more.

  • Company: Empresa Construtora Brasil S.A.  (ECB)
  • Empresa Construtora Brasil S.A. (ECB) works on engineering and construction of projects on road, railway, urban, industrial, port and airport, civil and mining infrastructure, n...
  • Company: Mercantil Commodity S.A.C.
  • Mercantil Commodity S.A.C./Mercantil S.A. has 35 years of experience in distribution of sodium cyanide in Peru and Latin America. The company was the first in Peru to work under...
  • Company: Ingersoll Rand, Inc.  (Ingersoll Rand)
  • Ingersoll Rand is a diversified global company that manufactures flow control products. Through different brands, the company offers air compressors, oil-free compressors, oil-i...
  • Company: United Telecommunication Services N.V.  (UTS)
  • United Telecommunication Services N.V. (UTS) is a parent company founded in 1999 which operates telecommunication firms in the Caribbean; offering mobile services which include ...
  • Company: Clariant AG  (Clariant)
  • Clariant AG is a Swiss-based specialty chemical company focused on energy efficiency, renewable raw materials, emission-free mobility and conserving finite resources. Its four b...
  • Company: Liberty Insurance Underwriters, Inc.  (LIU)
  • Liberty International Underwriters (LIU) is an American insurance company that provides products, adapted for each client, including casualties, specialty casualties, crisis man...