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Prospect News home > News index > List of issuers V > Headlines for Venezolano de Credito, SA > News item |
Fitch cuts outlook on five Venezuelan banks
Fitch Ratings said it revised the outlooks on the long-term issuer default ratings of Banco Exterior, CA Banco Universal, Banco de Venezuela, Banco Provincial, Mercantil, C.A. Banco Universal and Venezolano de Credito, SA to negative from stable.
All other international and national ratings remain at current levels.
The agency said the rating action follows the April 4 outlook revision to negative on Venezuela's sovereign ratings.
In spite of these banks' solid financial profiles, Fitch said the banks' ratings are strongly linked to the creditworthiness of the sovereign given their holdings of sovereign bonds, economic ties, as well as the high level of government intervention in terms of compulsory lending, interest rate caps and floors, nationalization risk and regulatory uncertainty.
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