Fitch cuts Pichincha, Banco Produccion

Fitch Ratings said it downgraded the long-term issuer default ratings to B- from B for Banco Pichincha CA y Subsidiarias and Banco de la Produccion SA y Subsidiarias.

The outlooks were revised to stable from negative.

The actions follow the recent downgrade of Ecuador's long-term issuer default rating to B- from B, Fitch said.

The agency said that in its view, the operating environment's high influence on the banks' ratings, given its impact on potential growth and earnings retention, as well as direct exposure to Ecuador through investment portfolios, constrains bank ratings to the sovereign's creditworthiness.

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