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LatAm Ratings Roundup: Moody's raises Banco BTG Pactual; Fitch lowers 2 insurers

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 23

* Fitch Ratings assigned BBB- long-term foreign currency issuer default ratings, with a stable outlook, to Panama-based MMG Bank Corp.

* Fitch Ratings revised the outlook on HIR Compania de Seguros S.A. de C.V. to stable from positive and affirmed the company's national scale rating at BBB-(mex).

* Fitch Ratings affirmed Banco BICE's viability rating at "bbb+," its support rating at 3, and its support rating floor at BB+. The bank's long-term foreign and local currency issuer default ratings were affirmed at BBB+, while the short-term foreign and local currency issuer default ratings were affirmed at F2. Its long and short-term national ratings were similarly affirmed at AA(cl) and N1+(cl), respectively. Fitch also affirmed BICECORP SA's national long-term rating at AA(cl).

* Fitch Ratings maintained its positive observation on Banco Bilbao Vizcaya Argentaria Chile SA's long and short-term deposit ratings of AA(cl) and N1+(cl).

* Fitch Ratings affirmed Scotiabank Chile's long and short-term national scale deposit ratings at AAA(cl) and N1+(cl), respectively.

* Fitch Ratings affirmed Scotia Seguros S.A.'s El Salvador regulatory scale long-term issuer rating at EAAA(slv), and its national Fitch scale long-term issuer rating at AAA(slv).

* Fitch Ratings affirmed Aseguradora Agricola Comercial SA's El Salvador regulatory scale long-term issuer rating at EA+(slv), and its Fitch scale long-term issuer rating at A+(slv).

* Fitch Ratings affirmed Banco Security SA's long- and short-term deposit ratings at AA-(cl) and N1+(cl), respectively. Grupo Security SA's solvency rating was affirmed at A+(cl). Factoring Security SA's long and short-term solvency ratings were affirmed at A+(cl) and N1+(cl), respectively.

* Fitch Ratings affirmed Banco Consorcio's long- and short-term foreign and local currency issuer default ratings at BBB and F2, respectively, and its national long and short-term ratings at AA-(cl) and N1+(cl), respectively. The rating agency also affirmed the bank's viability rating at "bbb-" its support rating at 2, senior unsecured bonds national long-term rating at AA-(cl), and subordinated bonds national long-term rating at A(cl).

* A.M. Best affirmed ANA Compania de Seguros SA de CV's financial Strength Rating of B- (Fair), long-term issuer credit rating at "bb-" and its Mexico national scale rating at "a-.MX," revised the outlook to stable from positive, and subsequently withdrew the ratings.

* Moody's changed the outlook on the long-term global local currency senior unsecured debt ratings of both Volkswagen Bank SA Institución de Banca Múltiple and Volkswagen Leasing SA De CV to stable from negative, while affirming them both at A3. Moody's also affirmed both the companies' long-term Mexican national scale debt ratings at Aaa.mx.

March 21

* Fitch Ratings assigned to Banco de Fomento a la Producción national long and short-term ratings of AA-(nic) and F1+(nic), respectively, with a stable outlook.

* Fitch Ratings upgraded Guatemala-based Banco de los Trabajadores' long- and short-term national ratings to BBB+(gtm) and F2(gtm) from BBB(gtm) and F3(gtm), respectively.

* Fitch Ratings downgraded Brazilian insurers Bradesco Seguros SA and Sul América SA, following a similar ratings action on Brazil's sovereign ratings.

* Fitch Ratings affirmed Banco Popular y de Desarrollo Comunal SA's long-term foreign and local currency issuer default ratings at BB, its short-term foreign and local currency issuer default ratings at B, and its viability rating at "bb."

March 20

* Moody's upgraded Banco BTG Pactual SA's long-term local currency deposit rating to Ba2 from Ba3, long-term national scale deposit rating to Aa2.br from A1.br, and counterparty risk assessment to Ba1(cr) from Ba2(cr). The bank's stand-alone baseline credit assessment and adjusted baseline credit assessment were both upgraded to "ba2" from "ba3."

* S&P Global Ratings affirmed Banco Nacional de Comercio Exterior S.N.C. Institución de Banca de Desarrollo's global scale foreign currency ratings at BBB+/A-2, its global scale local currency ratings at A-/A-2, and its national scale ratings at mxAAA/mxA-1+.

March 19

* Fitch Ratings upgraded the national rating of El Salvador's Seguros e Inversiones SA to AA+(slv) from AA(slv), with a stable outlook.

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.