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LatAm ratings roundup through March 31

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LatAm ratings roundup through March 31

S&P Global Market Intelligence presents a summary of various ratings actions on Latin American financial institutions and economies. Ratings actions are listed by announcement date in reverse chronological order.

March 31

* A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" of J. Malucelli Resseguradora SA and J. Malucelli Seguradora SA (both domiciled in Brazil). The outlook of these Credit Ratings (ratings) remains stable.

* Fitch Ratings affirmed the long- and short-term national ratings of several El Salvador-based banks, including Banco G&T Continental El Salvador SA, Banco Azteca El Salvador SA, Banco Industrial El Salvador SA and Banco ProCredit SA.

* Moody's said its outlook for sovereign creditworthiness in Latin America and the Caribbean remains negative.

* Fitch affirmed the long- and short-term national ratings of Dominican Republic-based Banco Múltiple Santa Cruz SA and Banco Múltiple López de Haro SA. Meanwhile, it also upgraded the long- and short-term national ratings of Banco Múltiple BDI SA. All bank ratings have a stable outlook.

* Fitch affirmed the long- and short-term national ratings of Banco do Brasil SA (Agencia Chile) at A-(cl) and N1(cl), respectively, with a negative outlook.

March 30

* Moody's changed its outlook on the Chilean banking sector to stable from negative.

* Moody's assigned a corporate family rating of B3 to Tarjeta Naranja SA, with a positive outlook.

* S&P Global Ratings affirmed Banco Monex SA Institución de Banca Múltiple Monex Grupo Financiero's global scale ratings at BB+ and B, and its national scale ratings at mxA and mxA-1. The bank's stand-alone credit profile remains at "bb+."

* Moody's said its outlook on Uruguay's banking sector remains negative.

* Moody's said it revised its outlook on Brazil's banking system to stable from negative

March 29

* S&P lowered Banco Mercantil Santa Cruz SA's long-term issuer credit rating to BB- from BB, while affirming the short-term rating at B. The outlook is stable.

March 28

* Fitch affirmed Banco Popular y de Desarrollo Comunal SA's long-term foreign and local currency issuer default ratings at BB, with a stable outlook. The Costa Rican bank's short-term foreign and local currency issuer default ratings were also affirmed at B, while its viability rating was affirmed at "bb."

* Fitch affirmed the long-term national scale ratings of Banco Bilbao Vizcaya Argentaria Chile SA at AA(cl), with a stable outlook.

* Fitch affirmed the national ratings, while revising the outlook to positive from stable, of Banco Security SA and its parent Grupo Security SA, as well as its subsidiary Factoring Security SA.

* S&P affirmed its brB Brazilian national-scale issuer credit rating on Banco Mercantil do Brasil SA, while at the same time it affirmed and withdrew the bank's B-/C global scale ratings. The outlook on the national scale ratings remains negative.

* Fitch affirmed the national scale insurance financial strength ratings of Aseguradora Suiza Salvadoreña SA Asesuisa and unit Asesuisa Vida at AA+(slv), with a stable outlook.

* Fitch affirmed the national rating of Scotiabank Chile at AAA(cl), with a stable outlook.

* Fitch affirmed Banco BICE's BBB+ long- and F2 short-term foreign and local currency issuer default ratings, with a stable outlook on the long-term rating. Fitch also maintained the bank's viability rating at "bbb+" as well as its AA(cl) long- and N1+(cl) short-term national ratings. The rating agency also affirmed BICECORP SA's long-term national rating of AA(cl), with a stable outlook.

March 27

* Fitch affirmed the national scale insurance financial strength rating of Scotia Seguros SA at AAA(slv), with a stable outlook.

* S&P affirmed the AMP-1 (Very Strong) rating attributed to the third-party asset management practices of Bradesco Asset Management SA Distribuidora de Títulos e Valores Mobiliários.

* Fitch assigned a positive outlook and affirmed the financial strength rating of Mapfre La Centro Americana SA at AA-(slv).

* Fitch affirmed its A+(slv) insurance financial strength rating on Aseguradora Agricola Comercial SA. The outlook is stable.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.