MEXICO CITY, Nov. 26 /PRNewswire-FirstCall/ -- Banco Compartamos, S.A., Institucion de Banca Multiple ("Compartamos" or "the Bank") (BMV: COMPARTO) announced that the ratings agency Standard & Poor's affirmed the CaVal scale short- and long-term counterparty credit ratings of Compartamos at 'mxAA-' and 'mxA-1', respectively. The outlook remains stable.
In a press release issued today, Standard & Poor's stated, "The affirmation of Compartamos' ratings reflects the ample experience of its management team and its ability to reach a strong penetration of its objective market, which continues to offer significant growth potential. The ratings are also supported by the strong asset quality and solid and sustained profitability and capitalization levels. The ratings are balanced by the concentration of products and business lines the Bank continues to offer."
Standard and Poor's stated, "The Bank's strategy in terms of a healthy market penetration has been effective. Despite changing economic conditions, we expect that Compartamos will be able to continue growing while maintaining asset quality, supported by its levels of capitalization and profitability."
Company Description
Banco Compartamos, S.A., a Mexican bank specialized in microfinance, is the largest lender to microbusiness owners in Latin America. Established in 1990 and headquartered in Mexico City, Compartamos provides small loans to low-income Mexican individuals and business owners, such as craft manufacturers, food vendors and other small businesses. With coverage in over 90% of Mexico, Compartamos works with local and international lenders to secure financing to these market segments, which are currently underserved.
Banco Compartamos shares began trading on the Mexican Stock Exchange on April 25, 2007 under the ticker symbol "COMPART".
Note on Forward-Looking Statements
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates," "believes," "estimates," "expects," "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
For additional information, visit:
http://www.compartamos.com/ or contact:
Patricio Diez de Bonilla, Investor Relations
Maria Teresa Chavira, Investor Relations
Compartamos Banco, S.A.
Insurgentes Sur 553,
Mexico City, Mexico
T: +52 (55) 5276-7250 / 7327 / 7256 / 6398
