12/16/2022

República AFISA improves its risk rating

On December 13, 2022, FIX SCR raised the rating of República AFISA to the highest category of its scale.

The Rating Board of FIX SCR Uruguay Calificadora de Riesgo S.A. –FIX-, meeting on December 13, 2022, raised the rating of República AFISA to Category 1FD(uy) from 2+FD(uy).

The rating upgrade is based on the consolidation of the significant advances observed in the development of management systems, which translates into obtaining a comprehensive system with automatic cross-sectional controls, which reduces operational risk, as well as the development order of the succession plan for management positions started in 2021. The growing generation of new businesses, greater diversification in the areas of activity of financial trusts and their greater complexity have also been considered.

FIX highlights that República AFISA's rating also reflects its belonging to the Banco de la República Oriental del Uruguay (BROU) Group, its leading position within the Uruguayan market, the adequate controls it has and its qualified management. Likewise, it incorporates its adequate performance, its healthy liquidity and solvency ratios and the good potential of the company to continue generating new trust business.

The 1FD(uy) category, the highest rating on the scale defined by FIX, indicates:

"The institution rated at this level demonstrates the highest levels of skill and performance in most aspects evaluated. Its organization, technology, as well as its operation, communication and control systems are of the highest quality".