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LatAm ratings roundup: DBRS cuts Brazil; Fitch downgrades Cielo

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.

March 16

* Fitch Ratings affirmed Sura Asset Management SA's long-term foreign and local currency issuer default ratings at BBB+.

* Fitch affirmed Mexico's long-term foreign currency issuer default rating at BBB+, with a stable outlook.

* A.M. Best affirmed the financial strength ratings of Guardian Life of the Caribbean Ltd. and Guardian General Insurance Ltd. at A-(Excellent) and their long-term issuer credit ratings at "a-." Guardian Holdings Ltd.'s long-term issuer credit rating was affirmed at "bbb-."

* S&P Global Ratings affirmed its ratings on Intercorp Perú Ltd. and Intercorp Financial Services Inc., while removing them from CreditWatch negative.

* S&P affirmed Banistmo SA's long- and short-term global scale issuer credit ratings at BB+ and B, respectively.

* Fitch downgraded Cielo SA's long-term foreign and local currency issuer default ratings to BB+ from BBB-, while revising the outlook to stable from negative.

* DBRS lowered Brazil's long-term foreign and local currency issuer ratings to BB (low) from BB.

* S&P raised the issuer credit ratings of J. Malucelli Seguradora SA and J. Malucelli Resseguradora SA to brAA- from brA+, with a stable outlook.

March 14

* Fitch affirmed Metrofinanciera SAPI de CV SOFOM Entidad Regulada's foreign and local currency long-term issuer default ratings at B- and its short-term issuer default ratings at B.

* Fitch affirmed ABC Capital SA Institución de Banca Múltiple's long- and short-term national scale ratings at BBB-(mex) and F3(mex), respectively.

March 13

* Fitch took various ratings actions on several Brazilian financial institutions following the downgrade of Brazil's sovereign ratings. Fitch downgraded Banco Bradesco SA's viability rating to "bb" from "bb+," among other actions.

* Fitch withdrew Americana de Reaseguros CA's national scale financial strength rating of A-(ven).

March 12

* Fitch maintained Pensiones Banorte SA de CV Grupo Financiero Banorte's national scale financial strength rating at AAA(mex).

* Fitch maintained Seguros Banorte SA de CV Grupo Financiero Banorte's national scale financial strength rating at AAA(mex).

* S&P affirmed Banco Nacional de Desenvolvimento Econômico e Social's long-term foreign and local currency global scale ratings at BB- and its national scale issuer credit rating at brAA-.

* Fitch affirmed Pan-American Life Insurance de Costa Rica SA's national scale financial strength rating at AAA(cri), with a stable outlook.

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.