Roundup: Remittances down 1.56% in 2010, Scotiabank unit, BCR, BICSA

- Wednesday, March 9, 2011

Roundup: Remittances down 1.56% in 2010, Scotiabank unit, BCR, BICSA

Remittances to the Dominican Republic decreased by 1.56% in 2010, in the worst year since 2006, effectively showing that the effects of the 2008-09 global financial crisis continues to impact remittances flows to the country.

Dominicans sent home US$2.99bn last year, down from the US$3.04bn recorded a year prior, according to the latest numbers from central bank BCRD

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Ratings agency Fitch has upgraded Scotiabank Perú's individual rating and local currency long and short-term issuer default ratings (IDRs), while affirming the bank's foreign currency IDRs, the agency said in a press release.

The upgrade on the bank's ratings took into consideration its sustained performance through the global crisis, and strengthened competitive position after consolidating its franchise and the acquisition of lending institution CrediScotia.

The agency also considered the unit's importance to parent Scotiabank (NYSE: BNS) of Canada, its adequate reserve coverage, improving capital base and adequate liquidity, the report reads.

To read the full report, go to this link

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Fitch has upgraded banks Banco de Costa Rica's (BCR) and Banco Internacional de Costa Rica's (BICSA) long-term foreign currency IDRs, to BB+ from BB, following the upgrade on the country's sovereign IDR rating, a separate press release reads.

The action taken on BCR is driven and aligned with Costa Rica's sovereign rating, since the government is the sole shareholder of the bank, while in the case of BICSA, the upgrade reflects the commercial and operating support from its parent, BCR.

To read the full press release, go to this link