S&P: Banco BMG notes BB-

Standard & Poor's said it assigned a BB- senior unsecured debt rating to the $300 million of senior unsecured notes due 2018 of Banco BMG SA.

The rating is the same as its long-term counterparty credit rating, reflecting a view that the notes will rank on par with other senior unsecured debt and that they will be direct, unsecured, unsubordinated and unconditional obligations of the bank, S&P said.

The proceeds will be used for banking purposes.

The ratings incorporate the risks of a significant product concentration and low diversification of funding sources, the agency said.

Partially offsetting these weaknesses are the strong capacity of management to adjust to challenging industry conditions, resulting in resilient and good performance in different operating cycles and the good asset quality of its loan portfolio, S&P said.

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