This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Disruptive position as first mover in innovative digital banking solutions in Paraguay. Rapid expansion and portfolio growth could expose the bank to additional risks. Ongoing support from Grupo Vazquez and synergies with companies in the group. Challenges linked to Vision Banco's loan portfolio, which is undergoing a special treatment. Diversified and stable deposit base, supported by a comprehensive nationwide network. Low net interest margins, which have been compensated by relevant amount of intercompany revenue. The innovative and disruptive bank has a solid position in the Paraguayan banking system, which is currently experiencing growth
