Fitch roundup: HSBC Panama, BISA, BCP, Bolivian banks

By
Wednesday, January 5, 2011

Ratings agency Fitch has upgraded its individual rating from C/D to C and affirmed its issuer default ratings (IDR) and national scale ratings on Panamanian bank HSBC Panama, the agency said in a press release.

The outlook for the long-term IDR and the national scale long-term rating is positive.

The upgrade on the company's individual rating is based on the finalized merger process with bank Primer Banco del Istmo (PBI) and its consolidation as the leading banking institution in Panama and the region.

Start your 15 day free trial now!

cta-arrow

Already a subscriber? Please, login

The affirmation on the rest of the bank's ratings is based on the support of its parent, UK-based HSBC (NYSE: HBC), as well as its deteriorated but stable asset quality, its moderate reserve coverage, lower operational efficiency and strong competition in the Panamanian banking system.

To read the full report in Spanish, go to this link

***

Fitch affirmed its assigned ratings on Bolivian bank BISA, including its long- and short-term foreign currency ratings and its national scale ratings, with a stable outlook, the agency said in a separate statement.

The affirmation is based on BISA's adequate profitability, liquidity and solvency levels, as well as its important position in the Bolivian market. Its diversified sources of income, including insurance companies La Vitalicia and BISA Seguros, were also considered. Offsetting BISA's ratings is its loan portfolio quality, Fitch noted.

To read the full report in Spanish, go to this link

***

Fitch also affirmed its assigned ratings on Bolivian bank Banco de Credito de Bolivia (BCP), including its long- and short-term foreign currency ratings and its national scale ratings, with a stable outlook, Fitch said in a separate statement.

The affirmation is based on the support of its parent, Peruvian financial services group Credicorp (NYSE: BAP), its profitability ratios above that of the banking system and adequate loan portfolio quality, the agency said.

To read the full report in Spanish, go to this link

***

Finally, Fitch has affirmed its ratings on several Bolivian financial institutions, based on their financial statements as of end-September 2010, the agency said in a separate statement.

Among the companies whose ratings were affirmed are Banco do Brasil's Bolivian branch, Banco Los Andes, Banco Mercantil Santa Cruz and Banco FIE.

To read the full list of companies in Spanish, to this link