Moody's ups Bolivian banks

Moody's Investors Service said it upgraded the long-term global local-currency deposit ratings of Banco Mercantil SA and Banco Nacional de Bolivia SA to B2 from Caa1 and the national-scale rating for local currency deposits to Aa2(bo) from A1(bo) and A2(bo), respectively.

Moody's said it also upgraded the local currency deposit ratings of Banco Ganadero SA to B3 from Caa2 on the global-scale and to Aa3(bo) from Baa2(bo) on the national-scale.

All ratings have a stable outlook.

Additionally, Moody's said it upgraded the national-scale rating for foreign currency deposits of Banco Nacional de Bolivia to A1(bo) from A2(bo) and of Banco Ganadero to Baa1(bo) from Baa2(bo).

These ratings carry a stable outlook.

"The upgrade of these banks' global local currency ratings resulted in the upgrade of national-scale deposit ratings, as those are largely derived from global local currency ratings", said Moody's analyst Andrea Manavella.

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