Fitch upgrades Banco BMG, view to stable

Fitch Ratings said it upgraded Banco BMG SA’s long-term issuer default rating to BB- from B and its viability rating to BB- from B.

Fitch also said it revised Banco BMG’s outlook to stable from positive.

Also upgraded includes the bank’s short-term foreign-currency issuer default rating at B, short-term local-currency issuer default rating at B, national long-term rating to A(bra) from BBB+(bra), long-term foreign-currency rating on its subordinated notes due 2019 to B- from CCC with recovery rating of RR6 and long-term foreign-currency rating on subordinated notes due 2020 to B- from CCC with recovery rating of RR6.

The agency also affirmed the bank’s national short-term rating at F2(bra).

The upgrades reflect the positive effects derived from the multiple actions that the bank has implemented over the past 18 months, Fitch said.

The bank will continue this implementation while completing the transfer of the bulk of its traditional payroll lending portfolio to Banco Itau BMG Consignado, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.