Research Update: Banco Fibra S.A. Upgraded To 'B' From 'B-' On Improved Financial Performance; Outlook Stable

Banco Fibra S.A. completed a strategic restructuring process by focusing on lending to companies that have better credit quality, primarily related to the Vicunha and CSN groups maintaining low levels of nonperforming loans. This strategy raised the bank?s profitability above the historical average, while asset quality has strengthened thanks to stronger underwriting standards. Therefore, we believe the company?s creditworthiness is strengthening; thus, we raised our global scale issuer credit rating on Fibra to 'B' from 'B-'. The stable outlook reflects our view that Fibra will maintain its credit fundamentals amid economic challenges over the next 12 months. On Oct. 16, 2025, S&P Global Ratings raised its global scale long-term issuer credit rating on Banco Fibra S.A. to 'B' from 'B-'.

...Rating Component Scores To From Issuer Credit Rating B/Stable/B B-/Positive/B SACP b b- Anchor ##+ ##+ Business position Constrained (-2) Constrained (-2) Capital and earnings Constrained (-1) Constrained (-1) Risk position Moderate (-1) Moderate (-1) Funding and liquidity Moderate and Adequate (-1) Moderate and Adequate (-1) Comparable ratings analysis 1 0 Support 0 0 ALAC support 0 0 GRE support 0 0 Group support 0 0 Sovereign support 0 0 Additional factors 0 0 SACP--Stand-alone credit profile. ALAC--Additional loss-absorbing capacity. GRE--Government-related entity....

Research Update