S&P affirms Paraguay banks

Standard & Poor's said it affirmed and removed its BB- ratings on Vision Banco SAECA, Banco Bilbao Vizcaya Argentaria Paraguay SA and Banco Continental SAECA from CreditWatch with negative implications.

The agency said the rating actions followed a similar one on the Republic of Paraguay. The outlook on the banks is stable.

S&P said it removed the ratings from CreditWatch because it believes the rapid impeachment of former president Fernando Lugo on June 22 and the subsequent suspension of Paraguay from South American political and free trade associations UNASUR and MERCOSUR have had a limited impact on the Paraguayan economy.

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