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S&P affirms Panama-based Global Bank's ratings

S&P Global Ratings on Dec. 16 affirmed its BBB- long- and A-3 short-term issuer credit ratings on Global Bank Corp., with the outlook remaining negative.

The ratings continue to reflect the bank's adequate business position as the third-largest private bank in the country. The ratings also consider the bank's adequate risk position and capital and earnings as well as its average funding with adequate liquidity. The bank's stand-alone credit profile remains at "bbb-."

S&P noted that Global Bank has maintained satisfactory market penetration in Panama and an adequate 7.3% forecast risk-adjusted capitalization that continues to support the ratings.

Meanwhile, the negative outlook is for the next 18 to 24 months and reflects the negative industry risk trend in S&P's banking industry risk assessment, or BICRA, on Panama.

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