Fitch upgrades Grupo Cooperativo Cajamar’s rating at BBB with a stable outlook

Fitch Ratings has upgraded Grupo Cooperativo Cajamar's Long-term Issuer Default Rating to 'BBB' with a stable outlook, motivated by structural improvements in profitability and capitalization, as well as asset quality. In addition, the rating agency has upgraded the Viability Rating from bbb- to bbb; the Senior Preferred Debt Rating from BBB- to BBB, and the Subordinated Debt Rating from BB to BB+, and has confirmed the Short-term Issuer Rating at F3.

The rating agency values “the large, stable and granular deposit base benefitting from its cooperative status and improved financial profile”, with positive progress in accessing the capital markets.

This credit rating upgrade follows the two upgrades made last July and November, after Fitch and S&P assigned the Company a BBB- (investment grade) rating.