S&P rates Banco Continental Saeca notes BB-

Standard & Poor's said it assigned its BB- senior unsecured debt rating to Banco Continental Saeca's proposed 144A senior notes for up to $200 million, with tenor to be defined between five and 10 years.

The agency said the rating on the notes is the same as the long-term issuer credit rating on the bank and reflects S&P's view that the notes will rank pari passu with other senior unsecured debt and will be the bank's direct, unsecured, unsubordinated and unconditional obligations.

S&P said the ratings on Banco Continental reflect its strong business position as the second bank in Paraguay, weak capital and earnings, adequate risk position, average funding and adequate liquidity.

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