Fitch downgrades Promerica

Fitch Ratings said it downgraded Promerica Financial Corp.'s long-term issuer default rating to B from B+. The outlook is negative.

“The downgrade reflects Fitch's assessment of the group's operating environment following the recent downgrade of Ecuador's sovereign rating to CC. One of PFC's largest operations, Banco de la Produccion SA (Produbanco), is based in Ecuador. Produbanco's long-term IDR was recently downgraded to CC from B- following the sovereign downgrade,” Fitch said in a press release.

The outlook is negative.

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