Fitch acts on Panama banks

Fitch Ratings said it completed its review of Panamanian banks after the downgrade of Panama’s sovereign rating to BB+ from BBB-.

The agency said it downgraded Banco Nacional de Panama (Banconal) and its senior unsecured notes due 2030 to BB+ from BBB-. The outlook is stable.

Fitch said it revised Credicorp Bank, SA’s outlook to negative from stable and affirmed the issuer default rating at BB+.

“The outlook revision reflects the pressure on the bank's asset quality and risk profile assessments, with a negative trend,” the agency said in a press release.

Finally, Fitch said it downgraded Global Bank Corp. and its senior unsecured debt to BB from BB+. The outlook is negative. “The bank's credit quality remains a challenge, such that the stage 3 loans to gross loans metric stood at 4.2% at December 2023.”

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