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Moody's recalibrates Uruguay's ratings; repositions rating of financial institutions

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Moody's recalibrates Uruguay's ratings; repositions rating of financial institutions

Moody's on May 9 said that it repositioned the nationalscale ratings of seven Uruguayan banks and other financial institution issuersin conjunction with the recalibration of the Uruguayan national rating scale.

The repositioned national ratings of individual issuers donot signify a change in credit risk, since their global scale ratings remainunchanged.

The rating agency noted that almost 70% of Uruguayanissuers' primary long-term national scale ratings will be repositioned anaverage of 2.7 notches lower. Most affected rating will decline by one or twonotches; however some rating may be lowered by 5 or 6 notches.