Moody’s lowers Salvadoran banks

Moody's Investors Service said it downgraded the long-term foreign currency issuer rating of Banco de Desarrollo de El Salvador to B1 from Ba3, and downgraded the bank's standalone baseline credit assessment and adjusted BCA to b1 from ba3.

These ratings and assessments were placed on review for further downgrade.

At the same time, the agency downgraded Banco Agricola, SA's standalone BCA to b1 from ba3 and placed it under review for further downgrade. It also placed the bank's ba2 adjusted BCA, as well as its Ba2 long-term foreign currency deposit rating and Ba1(cr) long-term counterparty risk assessment under review for downgrade.

Moody's also placed the Ba2 long-term foreign currency senior unsecured debt rating of Agricola Senior Trust, a Cayman Islands-based trust unconditionally and irrevocably guaranteed by Banco Agricola, under review for downgrade.

These actions follow Moody's downgrade of El Salvador's government bond rating to B1 from Ba3, on review for further downgrade.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.