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LatAm ratings wrap: S&P places Argentina on CreditWatch negative

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LatAm ratings wrap: S&P places Argentina on CreditWatch negative

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.

Sept. 2

* Moody's withdrew the ratings of Desenvolve SP - Agência de Fomento do Estado de São Paulo SA for business reasons.

Aug. 31

* S&P Global Ratings placed Argentina's sovereign credit ratings on CreditWatch with negative implications, saying the recent pressure on the peso threatens the government's efforts to stabilize the economy.

* Fitch Ratings revised Banco Centroamericano de Integración Económica's outlook to positive from stable.

* Fitch Ratings affirmed the long- and short-term national scale deposit ratings of Banco BICE at AA(cl) and N1+(cl) and affirmed BICECORP SA's solvency rating at AA(cl).

* Fitch Ratings affirmed Banco Consorcio's long- and short-term national scale deposit rating at AA-(cl) and N1+(cl), respectively.

* S&P Global Ratings affirmed Intercorp Perú Ltd.'s issuer credit and issue-level ratings at BBB-.

* A.M. Best removed Sagicor Life Jamaica Ltd.'s long-term issuer credit rating from under review with positive implications and then upgraded the rating to "bbb+" from "bbb." It also affirmed the financial strength rating at B++(Good). It likewise affirmed the financial strength rating and long-term issuer credit rating of Sagicor Life Inc. at A- (Excellent) and "a-," respectively.

Aug. 30

* Moody's downgraded Ford Credit de Mexico SA de CV's backed long-term global local currency senior unsecured debt rating to Baa3 from Baa2, backed long-term Mexican national scale senior unsecured debt rating to Aa3.mx from Aa2.mx and backed short-term global local currency senior unsecured debt program rating to Prime-3 from Prime-2.

* Fitch Ratings assigned Brazil-based Banco Inbursa de Investimentos SA an AAA(bra) long-term national rating with a stable outlook and an F1+(bra) short-term national rating.

* Fitch Ratings affirmed HSBC Pensiones SA's financial strength national scale rating at AAA(mex), and also affirmed the same rating on HSBC Seguros SA de CV

* S&P Global Ratings affirmed its AMP-3(Good) rating on Planner Corretora de Valores SA's third-party asset management practices.

Aug. 29

* Fitch Ratings assigned an AA(hnd) long-term national insurer financial strength rating to Seguros Mapfre Honduras, with a stable outlook.

* Fitch Ratings affirmed the long- and short-term national counterparty risk ratings of Corporativo GBM SAB de CV and Grupo Bursátil Mexicano SA de CV Casa de Bolsa at AA(mex) and F1+(mex), respectively.

Aug. 28

* S&P Global Ratings placed Banco de Desenvolvimento de Minas Gerais SA's B- issuer credit rating on CreditWatch with positive implications.

Aug. 27

* S&P Global Ratings revised Consubanco SA Institución de Banca Múltiple's outlook to positive from stable and confirmed its long- and short-term national issuer credit ratings of mxBBB+ and mxA-2, respectively.

* Fitch Ratings downgraded CrediFactor SA's national scale ratings to CCC(nic)/C(nic) from BB+(nic)/B(nic), Financiera Finca Nicaragua SA's national scale ratings to BBB-(nic)/F3(nic) from BBB+(nic)/F2(nic) and Financiera Fundeser SA's national ratings to BB+(nic)/B(nic) from BBB-(nic)/F3(nic). Fitch also kept on negative watch the national scale ratings of Banco de Finanzas SA, Banco Ficohsa Nicaragua SA, Banco de Fomento a la Producción and Banco LAFISE BANCENTRO SA.

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.