S&P lowers Banco Indusval

S&P said it lowered the global scale ratings on Banco Indusval & Partners SA to B- and C from B and B.

The agency also said it lowered the national scale ratings on the bank to brB and brC from brBB- and brB.

S&P also said it withdrew ratings at the issuer's request.

The outlook is negative.

The downgrades reflect the company’s weakened business position due to its deteriorating business stability, S&P said.

The ratings also consider the bank’s moderate capital and earnings, moderate risk position, below-average funding and adequate liquidity, the agency said.

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