Moody's ups Venezuela banks

Moody's Investors Service said it published the rating results for banks in Venezuela as part of the application of its refined joint default analysis and updated bank financial strength rating methodologies.

The bank financial strength ratings of the two rated Venezuelan banks, Banco de Venezuela and Banco Mercantil, have been upgraded to D- from E+, reflecting their adequate financial fundamentals, despite the limitations of volatile regulatory and operating environments.

Moody's said it assessed support levels to banks in Venezuela using its medium-country support guideline. This guideline is based on an analysis of the history of bank defaults in Venezuela, the relative importance of the banking system to the country's economy and the environment of high government intervention on the banking system, the agency said.

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