S&P affirms Banco de Credito e Inversiones

S&P said it affirmed the A long-term and A-1 short-term issuer credit ratings on Banco de Credito e Inversiones.

The agency also affirmed the A senior unsecured debt issue-level ratings and A-1 short term commercial paper ratings.

The outlook remains negative.

S&P said the action follows the recent announcement that the bank’s subsidiary, City National Bank of Florida, has agreed to acquire 100% of TotalBank for $528 million, in part funded with a capital infusion of about $365 million.

“In our opinion, this acquisition will not affect the bank´s credit fundamentals,” the agency said in a news release.

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