Fitch Upgrades Uruguay's FUCAC's Ratings.BUENOS AIRES, Argetina -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. upgrades Federacion Uruguaya de Cooperativas de Ahorro y Credito's (FUCAC) ratings as follows: --Foreign and local currency Issuer Default Ratings (IDRs) to 'B' from 'B-'; --National long-term rating to 'BBB-(uy)' from 'BB+(uy)'; In addition, Fitch affirms FUCAC's support rating at '5'. The Rating Outlook is Stable. The ratings assigned to FUCAC are based on its improved performance and development of its activities since its decision to operate under a limited license. The ratings also take into account its good liquidity position, niche franchise and small position within the Uruguayan financial system. It should also be noted that an international rating has been assigned to FUCAC due to local requirements, but the institution does not issue debt or obtain credit internationally nor does it expect to in the future. Established in Uruguay in 1972, FUCAC is a financial cooperative that focuses mainly on consumer lending and, to a lesser extent, small and micro-businesses. In 2002, FUCAC transferred 70% of its assets and liabilities to another Uruguayan credit cooperative, COFAC COFAC Cooperativa Nacional de Ahorro y Credito (Spanish) . In 2005, in the face of higher nominal capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , FUCAC requested authorization from the Central Bank of Uruguay The Central Bank of Uruguay (Spanish: Banco Central del Uruguay) is the central bank of Uruguay. See also
BCU Basic Command Unit (British Police) BCU Big Close-Up BCU Bus Controller Unit BCU Battery Coolant Unit BCU Bandwidth Control Unit BCU Beer Cans Unlimited (collectors) ) to operate as a financial cooperative with restricted activities. The credit research on FUCAC is available on the Fitch Ratings subscription web site at www.fitchratings.com, or by contacting the Ratings Desk in London: +44 20 7417 6300. 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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