Moody's gives Uruguayan banks positive outlooks

Moody's Investors Service said it changed the outlook of the Ba2 long-term global foreign currency deposit ratings of Banco Santander SA (Uruguay), Banco Itau Uruguay SA, and Lloyds TSB Bank plc (Uruguay) to positive from stable.

Moody's said the change in outlooks is in line with the change in outlook to positive from stable of the Ba2 Uruguayan country ceiling for foreign currency deposits, which constrains the banks' foreign currency deposit ratings.

Moody's also changed the outlook to positive from stable of the Ba1and the Aa2.uy foreign currency deposit ratings of the two government-owned banks Banco de la Republica Oriental del Uruguay and Banco Hipotecario del Uruguay, on its global and national scales, respectively.

Moody's said the change in outlook reflects the change in the outlook to positive from stable of the Uruguayan government's Ba1 foreign currency bond rating. The Uruguayan government fully and unconditionally guarantees the obligations of both banks.

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