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S&P upgrades Banco Hipotecario
S&P said it upgraded Banco Hipotecario SA to CCC+ from SD and the issue-level rating on its 2020 senior unsecured notes to CCC+ from D.
“We raised our ratings on Banco Hipotecario following the completion of the exchange offer. We believe that the bank's refinancing risk has decreased because it has built up significant liquidity (excluding central bank reserves) during the last two and a half years to cover the remainder of the bond's maturity – about $149.2 million due Nov. 30, 2020 – and because it has manageable maturities for the next 12 months,” S&P said in a press release.
The outlook is stable.
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