S&P affirms BBVA Uruguay

S&P said it affirmed its BBB long-term and A-2 short-term issuer credit ratings on Banco Bilbao Vizcaya Argentaria Uruguay (BBVA Uruguay).

The outlook remains stable.

The bank's stand-alone credit profile is bbb-.

The agency said the ratings on BBVA Uruguay reflect its sound competitive position, nationwide operations across various lending sectors, large deposit base, improving capitalization with its forecasted risk-adjusted capital ratio of about 7.3% for the next 12-18 months and an expectation that asset quality metrics will improve after they weakened in 2017.

The ratings also reflect a view that the bank's funding structure relies on stable deposits and a belief that its liquidity position provides a comfortable cushion to meet short-term obligations, S&P added.

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