Moody’s trims Panama banks

Moody's Investors Service said it downgraded by one notch all long-term ratings assigned to four Panamanian financial institutions, including Banco General, SA, Banco Nacional de Panama (Banconal), Caja de Ahorros, SA and Industrial and Commercial Bank of China Ltd., Panama Branch.

The agency lowered Banco General's and Banconal's long-term bank senior unsecured debt ratings to Baa3 from Baa2. Moody’s does not rate any debt issued by Caja de Ahorros or the Panama Branch of the Industrial and Commercial Bank of China.

Moody’s said it revised the outlooks for Banco General and Banconal to stable from negative, while the debt level outlook on the long-term deposits of ICBC Panama Branch remained stable.

The rating actions follow the downgrade of Panama’s senior unsecured ratings to Baa3, from Baa2 and outlook revision to stable from negative, Moody’s said.

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