S&P: BBVA Uruguay to negative

Standard & Poor's said it revised the outlook on Banco Bilbao Vizcaya Argentaria Uruguay's (BBVA Uruguay) BB+ issuer credit rating to negative from stable.

The outlook revision follows the downgrade of the parent bank, Banco Bilbao Vizcaya Argentaria, which resulted in its weakened capacity to provide support to BBVA Uruguay, S&P said.

BBVA Uruguay is considered a moderately strategic subsidiary to its parent, the agency said, and its ratings depend on its stand-alone credit profile and the creditworthiness of the parent.

The ratings also considers BBVA Uruguay's strong business position, weak capital and earnings, adequate risk position, average funding and adequate liquidity, S&P said.

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