Fitch lowers Banco Pine

Fitch Ratings said it downgraded Banco Pine SA's viability rating to B from B+' and long-term foreign- and local-currency issuer default ratings to B from B+ with a negative outlook.

Pine's long-term national rating also was downgraded to BBB-(bra) from BBB+(bra) and the short-term national rating to F3(bra) from F2(bra).

The long-term outlook is negative.

The downgrades reflect an assessment of the bank's challenges in implementing its new business model, along with operating losses, Fitch said.

The downgrades also consider the still uncertain operating environment and the negative impact on the bank's former credit portfolio, the agency said.

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