Fitch changes Banco Atlantida view to negative

Fitch Ratings said it affirmed Banco Atlantida, SA’s long-term issuer default rating at B+ and revised the outlook to negative from stable. Fitch also affirmed Atlantida’s national ratings at A+(hnd).

Fitch withdrew the expected B+/RR4 rating for the $350 million of senior unsecured and published the national rating of A+(hnd) to the outstanding senior unsecured notes issued in the local capital market Bonos Bancatlan 2016.

Fitch also placed both Inversiones Atlantida, SA y Subsidiarias’ (Invatlan) IDR at B, and the $150 million senior secured notes B/RR4 on rating watch negative.

The negative outlook reflects the increased downside risks from the economic implications of the coronavirus pandemic, which has resulted in an adjustment for the operating environment score to negative from stable, the agency said.

“Fitch believes that although the ultimate impact of the weaker economic conditions is yet unclear; this could materially affect the banks’ financial performance,” the agency said in a press release.

The rating watch on Invatlan reflects the delay in the delivery of the audited 2019 financial information due to operational issues with the auditor from the pandemic, according to management, Fitch said.

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