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LatAm ratings wrap: Fitch downgrades 3 Argentine insurers; DBRS ups Argentina

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LatAm ratings wrap: Fitch downgrades 3 Argentine insurers; DBRS ups Argentina

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. 13

* Fitch Ratings affirmed the "Excellent" investment management quality rating of Itau Asset Management S/A.

* Fitch affirmed the "Strong" investment management quality rating of Rb Capital Asset Management Ltda.

* Fitch said it kept the BB-/B issuer default ratings, "bb-" viability rating and A+(bra)/F1(bra) national ratings of BRB-Banco de Brasília SA on Rating Watch Negative.

* S&P Global Ratings kept the B- long-term issuer credit ratings of the Banco de la Provincia de Buenos Aires on special review with negative implications.

Sept. 12

* Fitch downgraded the insurer financial strength ratings of Argentine insurers Nación Seguros SA, Nación Reaseguros SA and Nación Seguros de Retiro SA to CC from CCC.

* AM Best affirmed the A (Excellent) financial strength rating and "a+" long-term issuer credit rating of Chubb Seguros Panama SA with a positive outlook.

* Fitch affirmed the national long-term rating of Consorcio Financiero SA at AA-(cl).

Sept. 11

* DBRS confirmed Brazil's long-term foreign and local currency issuer ratings at BB (low), while it also confirmed the country's short-term foreign and local currency issuer ratings at R-4, all with a stable outlook.

Sept. 10

* S&P assigned a "brA" national scale issuer credit rating to Brazil-based Omni Banco SA and Omni SA - Crédito, Financiamento e Investimento.

* Fitch downgraded the long-term issuer default ratings of Banco de la Ciudad de Buenos Aires to B- from B; Banco Supervielle SA, Banco Hipotecario SA and Tarjeta Naranja SA to CC from CCC; as well as Banco Santander Río SA and BBVA Banco Francés SA to CCC from B-. The long-term issuer default ratings of Uruguay-based Banco de la Nación Argentina - Sucursal Uruguay and Provincia Casa Financiera were also downgraded to CC from CCC. The rating agency also affirmed the ratings of Banco Macro SA.

* S&P affirmed its national and long-term issuer credit ratings of Cargill Servicios Financieros SA de CV SOFOM ENR at "mxAA-" and "mxA-1+", respectively.

* S&P kept the B+/B global scale and "brAA/brA-1+" national scale ratings of BRB-Banco de Brasília on Credit Watch negative.

* S&P affirmed LarrainVial Asset Management Administradora General de Fondos SA's AMP-1 (Very Strong) classification.

Sept. 9

* DBRS raised Argentina's short-term foreign and local currency issuer ratings to R-5 from selective default, or SD. The rating agency also said the long-term foreign and local currency issuer ratings remain at CC. The long- and short-term ratings were placed under review with negative implications.

* Fitch affirmed the national investment management quality rating of AdCap Colombia SA Comisionista de Bolsa at Bueno(col).

* Fitch affirmed the national investment management quality rating of Fiduciaria Colombiana de Comercio Exterior SA FIDUCOLDEX at Excelente(col).

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.