S&P raises Banco Panamericano

Standard & Poor's said it raised its long-term counterparty credit and senior unsecured debt rating on Banco Panamericano SA to B+ from B.

The agency said that the ratings were removed from CreditWatch positive where they were placed June 11 while it affirmed the B short-term counterparty credit rating on the bank.

The outlook is stable.

According to S&P, the upgrade reflects its views on the improving macroeconomic environment, including the better access to funding alternatives in Brazil's growing capital markets.

The agency noted that the ratings on Panamericano incorporate the still-leveraged balance sheet, the higher credit risk of its loan portfolio and the bank's exposure to fierce competition and margin pressures.

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