Moody’s upgrades Bantrab

Moody’s Investors Service said it upgraded the long-term deposit ratings of Banco de los Trabajadores (Bantrab) to B3 from Caa1.

The agency also upgraded the backed foreign currency senior unsecured debt rating of Bantrab Senior Trust to Caa1 from Caa2.

The outlook remains positive.

At the same time, Moody's upgraded the bank's standalone baseline credit assessment and adjusted baseline credit assessment to caa1 from caa2 and its long-term counterparty risk assessment to B2(cr) from B3(cr).

Bantrab's short-term deposit ratings of Not Prime, as well as the bank's short-term counterparty risk assessment of Not Prime(cr) were affirmed.

“The upgrades reflect the reduction in the bank's international payment risks as its payment mechanisms are repeatedly tested and proven following the loss of the bank's previous correspondent banking relationships,” the agency said in a news release.

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