Banco Compartamos' Ratings Upgraded by S&P to "mxAA-" with a Stable Outlook
Mexico City, October, 31 2007 -
Banco Compartamos, S.A. ("Compartamos" or "the Bank") (BMV:COMPART), the leading Mexican microfinance bank, today announced that Standard and Poor's raised the Company's long-term national scale rating from "mxA+" to "mxAA-" and confirmed the Company's short-term rating at "mxA-1" with a "Stable Outlook".
The press release distributed by Standard and Poor's yesterday cited that the improved rating was " ... in line with the growth of Compartamos' portfolio, which has remained healthy, as well as sustained levels of profitability and capitalization that compare favorably with other banks in this niche ... "
Co-Chief Executive Officer Statement
Carlos Danel, one of the Bank's Co-Chief Executive Officers, stated, "These ratings reflect Banco Compartamos'strong and stable business. We are very proud of this achievement and look forward to continued stability."
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.