Ratings roundup: Banco Nacional, Tarjetas Cuyanas, PSA Finance

Fitch has assigned a BB+ long-term issuer default rating (IDR) to Costa Rica's state-run Banco Nacional. The rating outlook is stable, the agency said in a report. The bank's ratings are driven by and aligned with Costa Rica's sovereign ratings, since the government is the bank's sole shareholder and grants an explicit guarantee for Banco Nacional and other state-owned banks. "However, the ability to provide support could be limited, given the country's sub-investment grade sovereign rating and fiscal constraints," the report reads. Banco Nacional is Costa Rica's largest lender, with a 28.5% market share in loans and a 30.6% market share in deposits. To read the full report, go to this link *** Fitch has assigned a AA- rating with a stable outlook to two upcoming bond issues of Argentine credit card company Tarjetas Cuyanas, worth up to US$15mn and up to US$10mn respectively. Both are part of the company's class VI series, which is extendable to as much as US$50mn, the agency said in a report. The ratings are based on Tarjetas Cuyanas' increased level of activity, solid performance, high profitability, good asset quality and adequate asset liquidity and capitalization. The agency also took into consideration the benefits of belonging to the Tarjetas Regionales credit card holding, which is part of the country's largest private sector local bank, Banco Galicia. To read the full report, in Spanish, go to this link *** Fitch has affirmed PSA Finance Argentina's long and short-term national scale ratings at AA with a stable outlook and A1+, respectively. The agency also maintained the consumer loan company's series 1 and series 3 bonds worth 50mn pesos (US$11.9mn) and 70mn pesos, respectively, at AA, as well as its series IV bonds for up to 25mn pesos at A1+. The ratings action reflects the support of PSA's parent companies, French car maker Peugeot Group and local lender BBVA Banco Francés, the local unit of Spain's BBVA (NYSE: BBVA). To read the full report, in Spanish, go to this link