Fitch ups Banco Cuscatlan view to positive

Fitch Ratings said it revised the outlook on Corporacion UBC Internacional's subsidiaries in Panama and Honduras to positive from stable following the announcement that Citigroup will acquire most of UBC's subsidiaries.

The outlook change applies to Banco Cuscatlan de Panama's A(pan) national scale long-term rating and A(pan) and A(slv) local corporate bonds and Banco Cuscatlan de Honduras' A+(hnd) national scale long-term rating and A+(hnd) local corporate bonds.

Fitch said that upon conclusion of the transaction, the subsidiaries will benefit from the strong potential support of the new and highly rated shareholder Citigroup, which is rated AA+ by the agency. With a successful closing of the proposed transaction, estimated to take place early in 2007, the national scale ratings of Banco Cuscatlan de Panama and Banco Cuscatlan de Honduras will likely be upgraded to AAA(pan) and AAA(hnd), respectively.

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