Standard & Poor's Ratings Services on April 27 assigned aB+ global scale credit rating and uyBBB national scale credit rating, both witha stable outlook, to Banque Heritage(Uruguay) SA.
According to S&P, the ratings reflect the bank's moderatebusiness position in the Uruguayan financial system; adequate capital and earnings,driven by a forecast risk-adjusted capital ratio of 7.5% for the next 12 to 18 months.
Also reflected in the ratings are the bank's "moderate riskposition, given the higher concentration in its loan portfolio and higher dollarizationlevels; below average funding due to a high share of non-resident deposits; andadequate liquidity," the rating agency noted.
The stable outlook, meanwhile, is based on the S&P's expectationthat over the next 12 to 18 months, the bank will maintain good asset quality metrics,low credit losses and adequate liquidity metrics in line with the industry average.
S&P Ratings and GlobalMarket Intelligence are owned by S&P Global Inc.