S&P lowers Banco Pine

S&P said it lowered the long-term global scale rating on Banco Pine SA to B- from B+ and lowered the long-term national scale rating to brBB- from brBBB+.

At the same time, the agency affirmed the B short-term global scale rating.

The outlook is stable.

S&P also revised downward the bank's stand-alone credit profile to b- from b+.

The action reflects Pine's struggle to stabilize its operating revenue, which has eroded as a result of the bank's deleveraging process and weak business prospects in 2017, the agency said.

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