S&P downgrades NCG Banco to B

Standard & Poor's said it lowered its long-term counterparty credit rating on NCG Banco SA to B from B+.

The B short-term rating was affirmed.

The outlook on the long-term rating is stable.

S&P said the action reflects its view that NCG is not likely to improve its liquidity position and substantially reduce its high reliance on European Central Bank financing over the next two years, as the agency had previously incorporated into its ratings through the one-notch of uplift for short-term government support.

Therefore, S&P said it is removing this uplift from the rating and its liquidity assessment remains "moderate," according to the criteria.

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