S&P affirms Banco Agromercantil de Guatemala

S&P said it affirmed the BB- long- and B short-term global scale issuer credit ratings on Banco Agromercantil de Guatemala, SA and affirmed the BB- issue-level rating on Intertrust SPV (Cayman) Ltd.'s $300 million senior notes due April 10, 2019.

The bank fully guarantees the notes. Therefore, the rating on them is the same as the long-term issuer credit rating on the bank.

The outlook remains stable.

“The slowing momentum in the Guatemalan banking system reflects the economic downturn and political instability, tamping down BAM's lending growth,” the agency said in a news release.

“Additionally, the bank's asset quality metrics slightly weakened, particularly in the retail lending segment. However, we still consider the decline as manageable for the bank.”

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