Moody's on Dec. 12 assigned ratings to Panama-based Banco General SA.
The assigned ratings include Baa2 long- and Prime-2 short-term foreign currency deposit ratings, Baa2 long-term foreign currency senior unsecured debt rating and "baa2" baseline credit assessment and adjusted baseline credit assessment. Moody's also assigned the bank long- and short-term counterparty risk assessments of Baa1(cr) and Prime-2(cr), respectively.
The outlook on the long-term ratings is stable.
The ratings capture the bank's very strong profitability and capitalization as well as historically good asset quality, which significantly mitigate potential risks that could be associated with the bank's sizable loan concentrations in real estate, Moody's said. The ratings also consider the bank's stable, low cost funding structure, reflecting its leading deposit market share in Panama.
