Moody's upgrades Bladex

Moody's Investors Service said it upgraded Banco Latinoamericano de Exportaciones' (Bladex) long-term foreign-currency deposit, debt and issuer ratings to Baa2 from Baa3.

The outlook was revised to stable.

Moody's said the upgrade reflects Bladex's track record of increasing core profitability, earnings diversification and improving asset quality, as well as management's strategy to broaden the bank's activities in trade finance and securities business in the Latin American and Caribbean regions.

The bank's liquidity and funding structure also has been strengthened by growth and diversification in its deposit base and by increasing access to longer-term funding from banks and official institutions, the agency said.

Moody's also noted Bladex will continue to be challenged by high competition in its core businesses and by relatively thin margins and fees.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.