Fitch Affirms Grupo Financiero Continental's L-T IDR at 'BBB-'.NEW YORK -- Fitch affirms the ratings of Grupo Financiero Continental (GFC GFC Geelong Football Club (Australia) GFC GMD (Ground-Based Midcourse Defense) Fire Control GFC Georgia Forestry Commission GFC Generic Flow Control GFC Grace Fellowship Church GFC Gaelic Football Club ) as follows: -- Long-term Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) 'BBB-'; -- Short-term 'F3'; -- Individual 'C'; -- Support '5'. The Outlook is Stable. At the same time, Fitch has affirmed the ratings assigned to GFC's principal subsidiary, Banco Continental de Panama S.A. (BCP BCP Best Current Practice(s) BCP Business Continuity Planning BCP Business Continuity Plan BCP Book of Common Prayer BCP Banco Comercial Português BCP Bureau of Consumer Protection (US Federal Trade Commission) ) as follows: -- Long-term Issuer Default Rating (IDR) 'BBB-'; -- Short-term 'F3'. The Outlook is Stable. Fitch has also affirmed the ratings of Banco Continental's USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 150 million senior unsecured medium term note at 'BBB-'. The ratings assigned reflect its established franchise in Panama, healthy operating profitability and asset quality, and solid capital base. They also factor the risks associated with cross border lending to borrowers in less stable economies. GFC, a Panama-based holding company, whose principal subsidiary is Banco Continental de Panama S.A. and Subsidiaries, Panama's third largest privately held general license bank (domestic deposit market share: 8.7% at the end of 2005), which represented 99% of consolidated assets and net income. Historically focused on the corporate market, GFC has expanded into new segments over the years through acquisitions and today boasts a diversified business mix providing corporate, middle market consumer and private banking services. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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