Fitch: Bank (Uruguay) outlook up to positive

Fitch Ratings said it has affirmed HSBC Bank (Uruguay) SA's ratings as follows: foreign currency issuer default rating at BB+; local currency issuer default rating at BBB-; national long-term rating at AAA(uy); and support rating at 3.

In addition, the agency said that the outlook on the issuer default ratings is revised to positive from stable following the same action taken by Fitch on Uruguay's sovereign ratings on July 13.

The outlook on the national long-term rating is stable.

According to the agency, the international ratings of HSBC Bank (Uruguay) are constrained by those of the sovereign. The bank's foreign currency issuer default rating is at the country ceiling, while its local currency issuer default rating is two notches above that of the Uruguayan sovereign.

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