Roundup: BBVA registers bonds, Fitch ups BBVA Colombia, Moody's hikes Itaú unit

- Friday, June 24, 2011

Roundup: BBVA registers bonds, Fitch ups BBVA Colombia, Moody's hikes Itaú unit

Argentina's BBVA Banco Francés (NYSE: BFR), a unit of Spain's BBVA (NYSE: BBVA), has registered an up to 250mn-peso (US$61mn) bond line, according to a filing sent to the Buenos Aires stock exchange.

The bonds are part of a larger US$500mn bond program. BBVA Francés is Argentina's second largest private bank in terms of assets.

***

Start your 15 day free trial now!

cta-arrow

Already a subscriber? Please, login

Fitch has upgraded BBVA Colombia's long and short-term foreign currency issuer default ratings (IDRs) to BBB from BBB- and to F2 from F3, respectively, following the agency's upgrade of Colombia's sovereign rating on June 22.

The bank's IDRs reflect the support it would receive from its parent, BBVA, should it be required, the agency said in a report.

BBVA Colombia's individual C/D rating considers its resilient margins, improving profitability and asset quality, adequate reserves, low loan concentration and relative efficiency, as well as its lower than average capital, Fitch said.

BBVA Colombia is the largest foreign bank operating in the country and has a 9.1% market share by assets.

To read the full report, go to this link

***

Moody's has upgraded the Uruguayan unit of Brazilian bank Itaú Unibanco's (NYSE: ITUB) long and short-term local currency deposit ratings on the global scale to Baa2/Prime-2, from Baa3/Prime-3.

The agency also upgraded the local currency deposit ratings in the Uruguayan national scale on Banco Itaú Uruguay to Aaa from Aa1.

The rating actions on Itaú Uruguay's local currency deposit ratings are a direct result of actions taken on the Brazilian government's foreign currency bond rating, the agency said in a report.