Moody's ups Uruguayan banks

Moody's Investors Service said it upgraded the long-term foreign-currency deposit ratings of several Uruguayan banks after raising Uruguay's country ceiling for foreign currency bank deposits to B2, from Caa1.

Uruguay's country ceiling for foreign currency bonds and notes went to B1, up from B3, the agency said.

Moody's added that the outlooks are stable.

The national-scale ratings of foreign currency deposits were also upgraded to A3.uy from their Ba2.uy level, the agency said, noting that Banco Hipotecario's national-scale rating for its foreign currency debt was raised to A2.uy from Baa2.uy after the sovereign action.

The foreign-currency deposit ratings of the following banks were upgraded to B2 from Caa1. national-scale ratings of their foreign currency deposits were also upgraded to A3.uy from Ba2.uy: ABN AMRO Bank N.V. Montevideo Branch, BankBoston N.A. (Uruguay), Credit Uruguay Banco SA, Lloyds TSB Bank plc (Uruguay), Banco Santander SA (Uruguay), Banco de la República Oriental del Uruguay and Banco Hipotecario del Uruguay.

Additionally, Moody's said it upgraded the bank financial strength rating of Credit Uruguay Banco SA, Banco Santander SA (Uruguay) and Banco de la República Oriental del Uruguay to E+ from E because of improvements in the banks' financial performance, during a relatively better operating environment.

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