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LatAm ratings wrap: Argentina downgraded; S&P upgrades Banco Sabadell

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. 20

* S&P Global Ratings downgraded Argentina's long- and short-term foreign currency ratings to SD/D from CCC-/C and lowered the country's long-term issue and local currency sovereign credit ratings to CC from CCC-.

* Fitch Ratings downgraded Argentina's foreign currency issuer default ratings to RD, or restricted default. Argentina's long-term foreign currency issuer default ratings had been at CC prior to the most recent rating downgrade, while its short-term rating was C.

* S&P Global Ratings affirmed MetLife México SA's national financial strength and issuer credit ratings at mxAAA. S&P also affirmed MetLife Más SA de CV's national financial strength ratings at mxAAA.

* S&P Global Ratings affirmed Swiss Re Corporate Solutions Mexico Seguros SA de CV's national financial strength and issuer credit ratings at mxAAA.

* S&P Global Ratings affirmed Metlife Pensiones Mexico SA's national financial strength rating at mxAAA.

* S&P Global Ratings upgraded Banco Sabadell SA Institución De Banca Múltiple's long-term national issuer credit ratings to mxAA from mxA+ and raised the same ratings on unit Sabcapital SA De CV Sofom ER to mxA-1+ from mxA-1.

* Moody's affirmed Banco RCI Brasil SA and Banco Ford SA's long-term global foreign and local currency counterparty risk ratings at Ba1 and Baa3, respectively. It also affirmed the long-term global foreign and local currency deposit ratings at Ba3 and Ba1, respectively. The rating agency also affirmed Banco PSA Finance Brasil SA's long-term global foreign and local counterparty risk ratings of Ba1, and also the long-term global foreign and local currency deposit ratings of Ba3 and Ba2, respectively.

Dec. 19

* DBRS Morningstar confirmed Mexico's long-term foreign and local currency issuer ratings at BBB (high) and changed the trend to negative from stable.

* AM Best placed under review with negative implications the B+ (Good) financial strength rating and "bbb-" long-term issuer credit rating of Acerta Compania De Seguros SA.

* AM Best affirmed Aseguradora Patrimonial Vida SA's financial strength rating at C++ (Marginal), long-term issuer credit rating at "b+" and Mexico national scale rating at bbb.MX. AM Best concurrently withdrew the ratings at the company's request.

* S&P Global Ratings revised its outlook on Banco de Desenvolvimento de Minas Gerais SA to stable from negative, while affirming the bank's long-term global and national scale issuer credit ratings at B and brA-, respectively.

* Fitch affirmed Bolsa de Valores de Colombia SA's long- and short-term national ratings at AAA(col) and F1+(col), respectively.

* Fitch affirmed MetLife Colombia Seguros de Vida SA's national scale financial strength rating at AA(col).

* S&P Global Ratings affirmed Mexico's long- and short-term foreign currency sovereign ratings at BBB+ and A-2, respectively. It also affirmed the country's long- and short-term local currency ratings at A- and A-2, respectively.

Dec. 18

* Fitch affirmed Aseguradora Global SA's national financial strength rating at AA(pan).

Dec. 17

* Fitch withdrew its ratings on Financiera de Occidente SA and affiliate Tarjetas de Crédito de Occidente SA. Prior to the withdrawal, it cut Financiera de Occidente's national long-term rating to C(gtm) from B-(gtm) and lowered the same rating on Tarjetas de Crédito to C(gtm) from B(gtm).

* S&P Global Ratings revised its outlook on the long-term issuer credit ratings of Banco Mercantil Santa Cruz SA and Banco Unión SA to negative from stable. The rating agency also affirmed the two banks' BB- long-term and B short-term ratings.

* S&P Global Ratings affirmed its national financial strength rating on Zurich Santander Seguros México SA at mxAAA.

* AM Best affirmed MAPFRE Fianzas SA's financial strength rating at A (Excellent), long-term issuer credit rating at "a+" and Mexico national scale rating at aaa.MX.

* Moody's affirmed the Baa1 global local currency and Aa1.mx national scale insurance financial strength ratings of Chubb Fianzas Monterrey Aseguradora de Caucion SA.

Dec. 16

* S&P Global Ratings revised the outlook on AIG Seguros Mexico SA de CV's global scale rating to stable from negative. The company's global and national scale financial strength ratings were affirmed at A- and mxAAA, respectively.

* S&P Global Ratings revised its outlook on Bolivia to negative from stable, while affirming the country's long- and short-term foreign and local currency ratings at BB-/B.

* S&P Global Ratings withdrew its brAA+ Brazil national scale rating on Terra Brasis Resseguros SA.

* Fitch affirmed Seguros BBVA Bancomer SA de CV Grupo Financiero BBVA BANCOMER's national financial strength rating at AAA(mex).

* Fitch affirmed Deco Seguros SA de CV's national scale rating at BB-(mex) and revised the outlook to positive from stable.

* Fitch affirmed the national financial strength rating of Pensiones Sura SA de CV.

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.

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