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LatAm ratings roundup: Venezuelan bonds cut; multiple Argentine banks upgraded

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LatAm ratings roundup: Venezuelan bonds cut; multiple Argentine banks upgraded

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.

Dec. 8

* S&P Global Ratings lowered its issue ratings on Venezuela's global bonds due in 2023 and 2028 to D from CC.

Dec. 7

* Moody's affirmed all of its ratings on Banco de Credito e Inversiones SA, including the bank's long-term global local and foreign currency deposit ratings of A1 and short-term global local and foreign currency deposit ratings of Prime-1.

* S&P affirmed the BBB+ long- and A-2 short-term issuer credit ratings on Banco Bilbao Vizcaya Argentaria Chile SA, while maintaining them on CreditWatch with developing implications.

* Fitch Ratings affirmed La Previsora SA Cia de Seguros' national scale financial strength rating of AAA(col), but revised the outlook to negative from stable.

* S&P affirmed its mxAAA long- and mxA-1+ short-term issuer credit ratings on Industrial and Commercial Bank of China Mexico SA.

* Fitch affirmed the AAA(col) national ratings of Liberty Seguros SA and Liberty Seguros De Vida SA.

Dec. 6

* Moody's upgraded its ratings and assessments on multiple Argentine financial institutions, while affirming several banks. It raised the baseline credit assessments of 18 banks and the long-term local currency deposit ratings of 14 lenders by one notch each.

* A.M. Best affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of "a" for Caribbean Alliance Insurance Co. Ltd. The outlook is stable.

* S&P affirmed Financiera Independencia SAB de CV's long-term global scale issuer credit rating at BB- and national scale ratings at mxBBB+/mxA-2, with a stable outlook.

* Moody's raised its outlook on Banco del Bajío SA to positive from stable, while affirming all of the bank's ratings and assessments, including its long- and short-term global local and foreign currency deposit ratings at Baa3/Prime-3.

* Fitch affirmed Banco de Credito e Inversiones SA's A long- and F1 short-term foreign and local currency issuer default ratings, "a" viability rating and AAA(cl) long- and N1+(cl) short-term national ratings.

Dec. 5

* S&P affirmed Banco de Credito e Inversiones SA's A long- and A-1 short-term issuer credit ratings.

* S&P lowered Banco Pine SA's long-term global scale rating to B- from B+ and long-term national scale rating to brBB- from brBBB+. The bank's stand-alone credit profile was lowered to "b-" from "b+."

Dec. 4

* Fitch affirmed Cooperativa Nacional de Educadores RL's national long-term rating at AA-(cri), Mutual Cartago de Ahorro y Préstamo's long- and short-term national ratings at A(cri) and F1(cri), respectively, and Caja de Ahorro y Préstamos de la Asociación Nacional de Educadores' long-term national rating at AA+(cri).

* Fitch affirmed the AA-(cri) long- and F1+(cri) short-term national ratings of Cooperativa de Ahorro y Crédito Ande No.1 R.L.

* Fitch affirmed Der Neue Horizont Re SA's international insurer financial strength rating at B and national insurer financial strength rating at BBB-(mex).

* Moody's upgraded the global local currency and national scale insurance financial strength ratings of several insurers and reciprocal guarantors in Argentina.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.