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Moody's withdraws ratings on Banco Finansur

Moody's on May 31 said that it has withdrawn all of its ratings for Banco Finansur SA, citing its own business reasons.

Among those withdrawn include the bank's long-term and short-term global local and foreign currency deposit ratings, the long-term global local currency senior unsecured debt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assessment, adjusted baseline credit assessment, and long-term and short-term counterparty risk assessment were also withdrawn.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.