Fitch downgrades six Venezuelan banks

Fitch Ratings said it downgraded the long-term issuer default ratings to CC from CCC and the viability ratings to cc from ccc of the following six private sector Venezuelan banks, following the recent downgrade of the sovereign rating: Banesco Banco Universal, CA; Mercantil, CA Banco Universal; Banco Occidental de Descuento, Banco Universal CA; Banco del Caribe, CA Banco Universal; Banco Exterior, CA Banco Universal; and Banco Nacional de Credito CA.

Fitch said the downgrades reflect the weak operating environment and significant downside risks to their financial profiles, particularly in terms of capitalization and liquidity that could accompany a potential sovereign default.

No outlook is assigned at this rating level.

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