Fitch hikes rating on two mortgage finance companies
Bnamericas Published: Thursday, March 17, 2005
Fitch Ratings has raised its long-term credit risk rating for Mexican home lenders Hipotecaria Vanguardia and Operaciones Hipotecaria de México to BBBmex from BB+mex, the company said in a statement. Fitch hiked its rating after regional bank Banco del Bajío acquired 100% of the shareholders equity of Operaciones Hipotecaria in May 2004, and Hipotecaria Vanguardia during March. Fitch expects Bajío will probable consolidate its existing mortgage operations within the bank with those of the two finance companies. Bajío has requested authorization from the local banking authorities to incorporate as a financial group. Banco del Bajío operates more than 62 branches in central and western Mexico. With assets of 24.8bn pesos it is Mexico's largest regional bank. To read the full Fitch report, in Spanish, type the following link into your browser: http://www.bnamericas.com/rc_search_detail.xsql?id_documento=65956&Tx_idioma=E
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