Moody’s ups Banco de Desarrollo to Aaa.bo

Moody's Latin America said it upgraded Banco de Desarrollo Productivo SAM’s (BDP) national scale long-term local currency deposit and issuer ratings to Aaa.bo from Aa1.bo.

In the same action, the agency affirmed all other ratings and assessments.

The outlook is stable.

“The upgrade of BDP's national scale local currency deposit and issuer ratings to Aaa.bo reflects Moody's view that the increasing importance of the state-owned bank to the government's economic development strategy, reflected by its new role as a first floor lender, increases the likelihood that the bank will receive extraordinary financial support from the government in an event of financial stress even further,” the agency said in a news release.

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