S&P rates Banco Pan senior bonds BB, junior paper B

Standard & Poor’s said it assigned its BB rating to Banco Pan SA’s (BB/watch developing/B) senior unsecured notes due 2015 and a B rating to Pan’s junior subordinated notes due 2020.

At the same time, S&P placed the ratings on the notes on CreditWatch with developing implications.

The ratings on Pan reflect its bb- SACP and its “strategically important” status to BTG, the agency said.

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