PCR confirms AA rating on Pichincha

Regional ratings agency Pacific Credit Rating (PCR) affirmed its AA rating on Ecuador's largest bank Banco del Pichincha, PCR said in a report. Banco del Pichincha's rating is based on its ability to assess and manage risk as well as its compliance with legal requirements, PCR said. Pichincha has consolidated its position as the largest Ecuadorian financial institution with 24% market share in terms of lending and 25% in deposits. The bank strengthened its business relative to the market following the 1999 financial crisis. The bank has also improved its credit and risk evaluation mechanisms, PCR added.