Ratings roundup: BanRegio, Metrofinanciera, Promérica

Standard & Poor's (S&P) has revised its outlook for Mexican financial group BanRegio to positive from stable, while affirming the long and short-term financial ratings at mxA+ and mxA-1, respectively. The revision is based on BanRegio's improved financial profile following a successful IPO last week, the ratings agency said in a statement. BanRegio raised approximately 2.05bn pesos (US$175mn) in a primary and secondary offering on the local stock exchange, saying that some of the proceeds will go towards strengthening its balance sheet. To read the full report, in Spanish, go to this link. *** Moody's has downgraded its ratings on two mortgage-backed securities (RMBS) from Mexican non-bank mortgage and construction lender Metrofinanciera. The MTROCB 07U certificates were downgraded to Baa3.mx from A2.mx on the national scale while the MTROCB 08U certificates were downgraded to Caa1.mx from A2.mx. The downgrades are based on the weak performance of the underlying pool of assets as well as a correction to a previous calculation, the ratings agency said in a statement. *** Latin American ratings agency PCR Ratings has affirmed the financial ratings of the El Salvadorian branch of Costa Rica's Banco Promérica at A. "The ratings reflect adequate management of financial resources, which reflects a positive evolution of [Promérica's] profitability indicators," the agency said in a statement. To read the full report, in Spanish, go to this link.