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S&P revises outlook on Banque Heritage, BBVA Uruguay and MetLife Seguros

S&P Global Ratings on May 31, revised its outlook on three Uruguayan financial institutions following the rating agency's revision of Uruguay's sovereign outlook to stable from negative. S&P also maintained its banking industry risk assessment, or BICRA, on Uruguayan banks.

S&P revised its outlook on Banque Heritage (Uruguay) SA to stable from negative and affirmed the bank's B+ global scale and uyBBB national scale ratings on it.

The rating agency also changed Banco Bilbao Vizcaya Argentaria Uruguay SA's outlook to stable from negative and affirmed global scale ratings at BBB/A-2. It also affirmed the uyAAA issuer credit rating on the bank with the outlook on this rating remaining stable.

In addition, S&P Global Ratings said its BICRA on Uruguay remains at group 6, while maintaining the economic risk score at 5 and industry risk at 7. The anchor for banks operating only in Uruguay also remains at bb+, S&P said. However, the rating agency said it was revising the BICRA economic risk trend to stable from negative and keeping the industry risk trend as stable.

The insurer MetLife Seguros SA's outlook was revised to stable from negative, with S&P affirming BBB+ ratings on the company.

"The ratings on MetLife Seguros are one notch higher than the ratings on Uruguay, reflecting the company's 'bbb+' stand-alone credit profile (SACP) and our expectation that it wouldn't default in the event of sovereign default because its liquidity position and capitalization metrics would remain positive and meet regulatory minimums under our stress test scenario," the rating agency said.

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