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LatAm Ratings Roundup: Moody's cuts Venezuela; S&P withdraws Consubanco ratings

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LatAm Ratings Roundup: Moody's cuts Venezuela; S&P withdraws Consubanco ratings

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.

March 9

* S&P Global Ratings affirmed Navistar Financial, SA de CV, Sociedad Financiera de Objeto Múltiple, Enti's long and short-term national scale issuer credit ratings at mxBB+ and mxB, respectively.

* Fitch Ratings placed the A(col) national-scale rating of QBE Seguros SA under Watch Evolving..

* S&P Global Ratings affirmed Banco de Galicia y Buenos Aires SA's local and foreign-currency ratings at B+, as well as the bank's subordinated issue-level rating at CCC+.

* Moody's lowered Venezuela's foreign currency and local currency issuer ratings to C from Caa3, and its foreign and local currency senior unsecured ratings and foreign currency senior secured rating to C from Caa3. The outlook on the ratings was raised to stable from negative.

March 8

* S&P Global Ratings affirmed Banco J.P. Morgan SA's long and short-term issuer credit ratings at "brAA-" and "brA-1+," respectively.

* Fitch Ratings affirmed Bradespar SA's long-term national rating at AAA(bra).

March 6

* Fitch Ratings affirmed the Caribbean Development Bank's long- and short-term issuer default rating at AA+ and F1+, respectively.

* Fitch Ratings affirmed La Hipotecaria Companía de Financiamiento SA's national long and short-term counterparty risk ratings at AA+(col) and F1+(col), respectively.

* Fitch Ratings affirmed Instituto para el Desarrollo de Antioquia's national long and short-term ratings at AAA(col) and F1+(col), respectively.

* S&P Global Ratings affirmed its BB- long-term global scale issuer credit rating on Consubanco SA Institución de Banca Múltiple and then withdrew the rating at the issuer's request.

* A.M. Best placed XL Seguros Mexico SA de CV's financial strength rating of A (Excellent), its long-term issuer credit rating of "a+" and its Mexico national scale rating of "aaa.MX" under review with developing implications.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.