Fitch Ratings Dwngrs Uruguayan Bank Rtgs Following Sovereign Rating Action.Business Editors NEW YORK--(BUSINESS WIRE)--May 28, 2002 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has downgraded the long-term foreign currency ratings of Banco Santander S Santander, city (1990 pop. 194,221), capital of Cantabria prov., N Spain, in Cantabria, on the Bay of Biscay. It is a seaport, fishing center, and a popular resort. On the nearby peninsula of Magdalena is a former royal summer palace. .A. and Banco Sudameris to 'B+' from 'BB+'. In addition, Banco Comercial del Uruguay's long-term foreign currency rating has been downgraded to 'B+' from 'BB'. The ratings have been placed on Rating Watch Negative. These rating actions follow a similar action taken today with Uruguay's sovereign ratings, reflecting the severe and continuing drop in banking system deposits and the associated fall in gross official reserves Official reserves Holdings of gold and foreign currencies by official monetary institutions. triggered by Argentina's bank deposit restrictions and devaluation devaluation, decreasing the value of one nation's currency relative to gold or the currencies of other nations. It is usually undertaken as a means of correcting a deficit in the balance of payments. . They also reflect the deterioration in public debt dynamics as a result of the devaluation and ongoing recession, all of which have contributed to a marked worsening wors·en tr. & intr.v. wors·ened, wors·en·ing, wors·ens To make or become worse. Noun 1. worsening - process of changing to an inferior state decline in quality, deterioration, declension in the operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. for financial institutions in Uruguay. The ratings of Banco Santander S.A. and Banco Sudameris are constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. by the sovereign ratings. Ratings Affected: Banco Comercial del Uruguay --Long-term Foreign Currency Rating downgraded to 'B+' Rating Watch Negative from 'BB', Rating Watch Evolving; Banco Santander S. A. (Santander) --Long-term Foreign Currency Rating downgraded to 'B+' Rating Watch Negative from 'BB+', Negative Rating Outlook, Support Rating, '4T'; Banco Sudameris -- Uruguay Branch (Sudameris) --Long-term Foreign Currency Rating downgraded to 'B+' Rating Watch Negative from 'BB+', Negative Rating Outlook. In addition, the outlook on the ratings of Federacion Uruguaya de Cooperativas de Ahorro y Credito (FUCAC) and Cooperativo de Ahorro y Credito (FUCEREP) has been changed to Negative from Stable. Federacion Uruguaya de Cooperativas de Ahorro y Credito (FUCAC) --Long-term Foreign Currency Rating, 'B-'; --Support Rating, '5T'; --Outlook changed to Negative from Stable. Cooperativo de Ahorro y Credito (FUCEREP) --Long-term Foreign Currency Rating, 'B-'; --Support Rating, '5T'; --Outlook changed to Negative from Stable. |
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