Moody’s drops Banco Finansur to Caa3

Moody's Latin America said it downgraded Banco Finansur SA’s long-term global scale local- and foreign-currency deposit ratings and local-currency senior unsecured debt rating to Caa3 from Caa1.

At the same time, the agency downgraded the bank's long-term Argentinean national scale deposit and senior unsecured debt ratings to Caa3.ar from Ba1.ar, baseline credit assessment and adjusted baseline credit assessment to caa3 from caa1 and long-term counterparty risk assessment to Caa2(cr) from B3(cr).

The NP short-term deposit ratings and NP(cr) short term counterparty risk assessment were affirmed.

The outlook is negative.

Moody’s said the downgrades reflect the significant contraction of the issuer's balance sheet coupled with large net losses, sharp erosion of its capital base and rising delinquencies.

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