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S&P withdraws Banco Pine's ratings

S&P Global Ratings on Jan. 14 withdrew Brazil-based Banco Pine SA's B-/B global scale and brBBB- national scale issuer credit ratings at the issuer's request.

The outlook on both ratings was negative at the time of the withdrawal.

According to the rating agency, the ratings reflected the bank's "somewhat concentrated business profile" and "struggle to stabilize its operating revenues," a 4.3% forecast risk-adjusted capital ratio for the next two years, "high" asset risk and "high reliance on local distributors for funding" as well as an "adequate" liquidity position.

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.