Fitch affirms BBVA Crecer AFP rating

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