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LatAm ratings wrap: Moody's upgrades Panama; S&P acts on Mexican firms

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 8

* Moody's upgraded Panama's long-term foreign currency issuer rating and senior unsecured debt ratings to Baa1 from Baa2 and its long-term foreign currency senior unsecured shelf ratings to (P)Baa1 from (P)Baa2. Panama's long-term foreign currency bond and deposit ceilings were also raised to A2 from A3. The outlook was revised to stable from positive.

* Fitch Ratings affirmed at AAA(mex) the national scale ratings of both Pensiones Banorte SA de CV Grupo Financiero Banorte and Seguros Banorte SA de CV Grupo Financiero Banorte.

* AM Best affirmed Cesce México SA de CV's financial strength rating at B++ (Good) and its long-term issuer credit rating at "bbb." It also affirmed Cesce Fianzas Mexico SA de CV's financial strength rating at B++ (Good).

* AM Best assigned to Reunion Re Compania Argentina De Reaseguros SA a financial strength rating of B++ (Good) and a long-term issuer credit rating of "bbb."

* S&P Global Ratings upgraded Banco Centroamericano de Integración Económica's long- and short-term issuer credit ratings to AA/A-1+ from A+/A-1, with a stable outlook.

March 6

* Fitch affirmed and subsequently withdrew its Dominican Republic national-scale ratings on Banco Centroamericano de Integración Económica for commercial reasons.

* Fitch affirmed ABC Capital SA Institución de Banca Múltiple's long- and short-term national scale ratings at BBB-(mex) and F3(mex), respectively.

* Fitch affirmed Fondo Especial para Financiamientos Agropecuarios' long- and short-term corporate ratings at AAA(mex) and F1+(mex), respectively, before withdrawing the ratings.

* Fitch affirmed Metrofinanciera SAPI de CV SOFOM ER's long-term foreign and local currency issuer default ratings at B- and short-term issuer default ratings at B.

* AM Best affirmed the A+ (Superior) financial strength ratings, "aa-" long-term issuer credit ratings, and aaa.MX Mexico national scale ratings on Berkley International Seguros Mexico SA and Berkley International Fianzas Mexico SA.

March 5

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

March 4

* Fitch revised its outlook on La Equidad Seguros Generales OC's national scale financial strength rating to negative from stable.

* Fitch affirmed Banco Centroamericano de Integración Económica's national ratings but simultaneously withdrew them for commercial reasons.

* S&P Global Ratings revised its outlook on the global-scale ratings of AIG Seguros Mexico SA de CV, Allianz México SA Cia. de Seguros, AXA Seguros SA de CV, Grupo Nacional Provincial SAB, Sompo Seguros Mexico SA de CV and Seguros Afirme SA de CV to negative from stable. It also affirmed the A+ rating of Tokio Marine Cia. de Seguros SA de CV.

* S&P Global Ratings revised its national scale ratings outlook on 77 financial entities in Mexico, predominantly to negative from stable. It also changed its global scale ratings outlook on 22 other financial institutions, with most moving to negative from stable.

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

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.