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S&P affirms Panama's Global Bank on business stability

S&P Global Ratings on Nov. 29 affirmed Global Bank Corp.'s long- and short-term issuer credit ratings at BBB- and A-3, respectively, noting that the Panama-based commercial lender has maintained business stability despite a competitive environment.

The company is the fourth-largest lender and deposit institution in the country with wide-ranging and diversified business activities, S&P said.

The rating agency forecasts the bank to show a risk-adjusted capital ratio of 7.3% over the next 24 months, while its asset quality metrics should remain in line with the Panamanian banking system.

Global Bank's operating revenues have continued on a constant positive trend, with a three-year compound annual growth rate of 8%. However, loan-loss provisions and funding costs are expected to rise, although the bank should see manageable credit growth of around 8% over the outlook horizon.

The company's stand-alone credit profile remains at "bbb-."

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