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LatAm ratings wrap: Moody's cuts Ecuador outlook; Fitch ups Paraguay ratings

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LatAm ratings wrap: Moody's cuts Ecuador outlook; Fitch ups Paraguay ratings

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.

Dec. 14

* AM Best upgraded MAPFRE Fianzas SA's long-term issuer credit rating to "a+" from "a." The Financial Strength Rating of A (Excellent) and the Mexico National Scale Rating of "aaa.MX" were also affirmed.

* Fitch Ratings affirmed MMG Bank Corp.'s long- and short-term issuer default ratings at BBB- and F3, respectively; and the national long- and short-term ratings at AA(pan) and F1+(pan), respectively. The viability rating was also affirmed at "bbb-," the support rating was affirmed at 5, and the support rating floor was affirmed at NF.

* AM Best affirmed Pacífico Compañía de Seguros y Reaseguros S.A.'s financial strength rating at A- (Excellent), and the long-term issuer credit rating at "a-."

* S&P Global Ratings affirmed its long-term foreign and local currency sovereign credit ratings on Colombia at BBB- and BBB, respectively, with a stable outlook.

Dec. 13

* Moody's revised the outlook of Grupo Aval Acciones y Valores SA's Ba2 long-term local- and foreign-currency issuer ratings and Grupo Aval Ltd.'s Ba2 backed senior unsecured debt rating to negative from stable.

* Fitch Ratings affirmed Coltefinanciera S.A. Compañía de Financiamiento's national long- and short-term ratings at A-(col) and F2(col), respectively.

* S&P Global Ratings downgraded Zurich Vida Cia. de Seguros SA and Zurich Fianzas México SA de CV's national scale financial strength ratings to "mxAA+" from "mxAAA." It also affirmed Zurich Cia. de Seguros SA's national scale financial strength rating at "mxAAA."

Dec. 12

* Moody's revised its outlook on Ecuador to negative from stable, warning that a planned gradual fiscal adjustment is likely to be insufficient to ease liquidity access and reassure investors.

* Fitch Ratings withdrew its ratings on Banesco Banco Universal CA, including the long-term foreign and local currency issuer default ratings of CC.

* Moody's upgraded the national scale insurance financial strength ratings of La Boliviana Ciacruz de Seguros y Reaseguros SA and La Boliviana Ciacruz Seguros Personales to Aaa.bo from Aa1.bo.

* Fitch Ratings revised the outlook on Asociacion Duarte De Ahorros Y Prestamos' long-term national rating to negative from stable. The rating agency also affirmed the Dominican Republic-based company's long- and short-term national ratings at BBB- (dom) and F3 (dom), respectively.

* Fitch Ratings affirmed Asociación Popular de Ahorros y Préstamos's national long- and short-term risk ratings at A+(dom) and F1(dom), respectively.

* Fitch Ratings affirmed Asociacion Romana de Ahorros y Prestamos's national long- and short-term risk ratings at BBB-(dom) and F3(dom), respectively.

* Fitch Ratings affirmed Asociación La Vega Real de Ahorros y Préstamos' national long-term rating at A-(dom).

* Fitch Ratings affirmed Asociación Cibao de Ahorros y Préstamos' national long- and short-term ratings at A+(dom) and F1(dom), respectively.

* Fitch Ratings affirmed Asociación La Nacional de Ahorros y Préstamos' national long- and short-term ratings at BBB+(dom) and F2(dom), respectively.

* Moody's affirmed Bisa Seguros y Reaseguros SA's global local currency rating at Ba3, and the national scale insurance financial strength rating at Aaa.bo.

Dec. 11

* Fitch Ratings raised Paraguay's long-term foreign- and local-currency issuer default ratings to BB+ from BB and revised the outlook to stable from positive.

* Fitch Ratings revised the outlook on Banco Bilbao Vizcaya Argentaria Colombia SA's BBB+ long-term foreign and local currency issuer default ratings and Chile-based FORUM Servicios Financieros SA's AA(cl) long-term national-scale rating to negative from stable, while affirming the ratings. Fitch also affirmed BBVA Colombia's F2 short-term foreign and local currency issuer default ratings and FORUM Servicios Financieros' N1+(cl) short-term national-scale rating. BBVA Banco Continental SA's BBB+ long- and F2 short-term foreign and local currency issuer default ratings were also affirmed.

* Fitch Ratings downgraded the insurer financial strength rating of Seguros LAFISE SA to AA-(nic) from AA(nic), with a stable outlook.

* Moody's changed its outlook on Panama-based BAC International Bank Inc.'s long-term local and foreign currency deposit ratings to negative from stable, while affirming the ratings at Baa3.

Dec. 10

* Fitch placed the national scale ratings of Banco del Caribe CA Banco Universal, Banco Exterior C.A. Banco Universal, Banco Nacional de Crédito C.A. Banco Universal, Banco Occidental de Descuento Banco Universal C. A., Mercantil C.A. Banco Universal and Mercantil Servicios Financieros CA on Rating Watch Negative. Fitch likewise downgraded Banco Exterior's viability rating to "c" from "cc" due to a sharp drop in capitalization resulting from the hyperinflation in Venezuela.

* Moody's downgraded various ratings of Banco Nacional de Costa Rica, including its long-term local currency deposit rating to B1 from Ba2. The rating agency also downgraded Banco de Costa Rica's long-term local currency deposit rating to B1 from Ba2. It similarly lowered Banco Internacional de Costa Rica SA's long-term foreign currency deposit rating to B2 from B1, among other ratings.

* Fitch Ratings withdrew the A-(ven) insurer financial strength rating of Venezuela-based Provincial de Reaseguros C.A., citing commercial reasons.

* Fitch Ratings affirmed Metrofinanciera SAPI de CV SOFOM ER's asset manager rating at AAFC3-(mex).

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.