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Fitch lowers some Venezuelan banks
Fitch Ratings said it has downgraded the individual rating of several banks in Venezuela, which reflects the sustained decrease in capital ratios due to the significant increase in assets, lower expected profitability and growing government intervention over the system.
Fitch said the risk profile of Venezuelan banks remains under pressure in the short term, coping with increasing assets and a lower profitability level that could further erode capitalization ratios, in addition to continued uncertainties regarding government intervention.
The negative outlook continues to reflect concerns that government interference will continue, and potentially increase, further reducing banks financial flexibility.
Fitch downgraded Banco Exterior to D from C/D; Banco Mercantil to D from C/D; Banco Provincial to D from C/D; Banco de Venezuela to D from C/D; and Banesco Banco Universal to D/E from D.
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