S&P lowers Banco Mercantil Santa Cruz

S&P said it lowered the long-term issuer credit rating on Banco Mercantil Santa Cruz SA to BB- from BB.

The agency also said it affirmed the bank's B short-term issuer credit rating.

The outlook is stable.

S&P said it revised the capital and earnings assessment on the bank to weak from moderate based on an average projected RAC of 4% to 4.5% for the two years after the acquisition of Banco PYME Los Andes Procredit SA.

But, the bank is expected to maintain sound profitability and asset quality metrics for the next two years, the agency said.

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