Fitch: Gradual Recovery of Sofipos; Challenges Prevail

MONTERREY, Mexico--(BUSINESS WIRE)-- The Sofipos (Popular Financial Entities) sector in Mexico is concentrated in a few entities from the total registered entities at the CNBV (National Banking and Securities Commission), according to a new Fitch Ratings dashboard report. In this report, the agency highlights the market concentration, the high impairments but adequate reserves, as well as their funding benefited by access to customer deposits. The report also points out the sector's pressured profitability that has generated low internal capital and a law whose approval is still pending.

The full report, 'Mexican Payroll Lenders Dashboard' is available on Fitch's website at 'www.fitchratings.com'.

Additional information is available on www.fitchratings.com.

Mexican Sofipos -- Dashboardhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=879260

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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 ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160331006398/en/

Fitch Ratings
Angel Maass, +52 8399 9148
Associate Director
Fitch Mexico S.A. de C.V.
Prol. Alfonso Reyes 2612
Monterrey, N.L., Mexico
or
Monica Ibarra, +52 8399 9150
Analyst
or
Media Relations:
Elizabeth Fogerty, +1-212-908-0526
New York
[email protected]

Source: Fitch Ratings

You May Also Be Interested In

• GoCharting Announces Growth Investment from Long Ridge Equity Partners and Strengthens Leadership Team for Global Expansion
• Bellway sees voluntary turnover fall 19% and connects 94% of its workforce following mobile-first communications launch
• Manufacturers Alliance Names New Executive Committee Leadership