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Moody's withdraws Banco Bandes Uruguay's ratings

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Moody's withdraws Banco Bandes Uruguay's ratings

Moody's on March 26 withdrew all ratings and assignments of Banco Bandes Uruguay SA, citing its own business reasons.

The withdrawn ratings and assessments include the bank's Caa2 long- and Not Prime short-term global local and foreign currency deposit ratings, Caa2.uy long-term Uruguayan local and foreign currency national scale deposit ratings, "caa2" baseline credit assessment and adjusted baseline credit assessment, and Caa1(cr) long- and Not Prime(cr) short-term counterparty risk assessments.

Prior to the withdrawal, the outlook on the deposit ratings was stable.

Banco Bandes Uruguay was one of the banks subjected to sanctions by the U.S. Treasury Department last week, as part of efforts to strip Venezuelan President Nicolás Maduro of power. The bank is a subsidiary of Venezuelan state-run development bank, Banco de Desarrollo Económico y Social de Venezuela.