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Moody's confirms Surinvest, BNL ratings

Bnamericas Published: Tuesday, July 01, 2003
International rating agency Moody's has confirmed Uruguayan banks Banco Surinvest and Banca Nazionale del Lavoro Uruguay (BNL)'s long and short term foreign currency deposit ratings at Caa1 and Not Prime, Moody's said in a statement. The outlook on the long-term foreign currency deposit ratings remains negative in line with the outlook of the Uruguayan country ceiling for deposits, the agency noted. Moody's lowered the National Scale Rating (NSR) of Surinvest to B3.uy from Ba1.uy, reflecting the severe weakening of the bank's financial condition as a result of the Uruguayan financial crisis and deep recession, together with the uncertain capital support expected from its consortium of shareholders going forward. Moody's also confirmed BNL's NSR at A1.uy, and placed it on review for possible downgrade. For the full version of this statement go to http://www.bnamericas.com/rc_search_detail.xsql?id_documento=35601&Tx_idioma=I

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