BRIEFS. economics

Bank sees credit rating rise

The firm Standard & Poor's has upgraded the credit rating on Banco Latinoamericano de Exportaciones, S.A. (Bladex) to BBB/A-2 from BBB/A-3 and said the bank's outlook is stable.

S&P said the bank's "conservative risk management has generated significant growth in its loan portfolio and customers with greater diversification." In September 2007, Moody's also upgraded the rating of the bank. It has also classified the institution as stable.

In 2007, Bladex experienced a 20.4 percent increase in its assets. Institutional deposits reached $1.4 billion, 38.4 percent more than 2006 and the highest balance in the past five years.

2007 was the third straight year the bank reported an increase in revenue. The bank reported a profit of $72.2 million in 2007, an increase of almost 25 percent compared to 2006. The bank, which is based in Panama, has offices in several Central and South American cities.