Fitch Upgr L-T & Support Ratings Of Banco Wiese Sudameris.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 6, 2001 Fitch fitch: see polecat. , the international rating agency, has raised the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. foreign currency and support ratings of Banco Wiese Sudameris (BWS BWS Board of Water Supply (Honolulu, Hawaii) BWS Beckwith-Wiedemann Syndrome BWS Black Wall Street (Hip-Hop record label) BWS Battered Woman Syndrome BWS Beer, Wine and Spirits ) from `B+', Rating Watch Positive to `BB-` and `4T' to `3T', respectively, reflecting its improved risk profile as a result of changes in the shareholder structure. A short- term foreign currency rating of `B' and an individual rating of `D' has been assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. as well. BWS' ratings reflect the bank's market share within the Peruvian banking system and the incorporation of IntesaBci's management and risk policies to the bank. They also reflect weak financial performance in recent years as result of rapid expansion and the subsequent slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the economy. IntesaBci's ownership enhances its foreign currency ratings, yet ratings 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 Peru's sovereign ceiling. The long-term Rating Outlook is Stable. BWS is Peru's second largest commercial bank with a 21% deposit and loan market share as of end-June 2001. It is the result of the September 1999 merger of Banco Wiese and Banco de Lima-Sudameris. Prior to its acquisition, Banco Wiese had been experiencing severe liquidity problems since the second half of 1998. At end-June 2001, BWS was controlled 70.2% by Lima Sudameris Holding, a holding company controlled directly and indirectly (some 70%) by Banque Sudameris (Sudameris), 15.4% by the Wiese family, 7.2% by the Ministry of Finance, with the remaining shares widely held. In turn, Sudameris is 99.9% owned by IntesaBci, Italy's largest banking group. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion