Moody's on May 31 said that it has withdrawn all of its ratings for Banco Finansur SA, citing its own business reasons.
Among those withdrawn include the bank's long-term and short-term global local and foreign currency deposit ratings, the long-term global local currency senior unsecured debt rating, and long-term global local currency MTN Senior unsecured program rating.
The agency also withdrew the bank's Argentinean long-term national scale local and foreign currency deposit ratings, Argentinean long-term national scale local currency senior unsecured debt rating and long-term national scale local currency MTN senior unsecured program rating.
Ratings for baseline credit assessment, adjusted baseline credit assessment, and long-term and short-term counterparty risk assessment were also withdrawn.
Early in May, Moody's downgraded Banco Finansur's long-term global scale local and foreign currency deposit ratings and local currency senior unsecured debt rating to Caa3 from Caa1, with a negative outlook.
The rating agency cited a "significant contraction" in the bank's balance sheet and large net losses, among other items.