Moody’s rates Fortaleza debt B3/A1.bo

Moody’s Latin America said it assigned provisional B3 global scale and A1.bo national scale local and foreign currency ratings to Banco Fortaleza SA's new subordinated multicurrency debt program of Bs. 110 million.

At the same time, the agency assigned B3 global scale and A1.bo national scale local currency subordinated debt ratings to the expected issuance of Bs. 35 million under the program.

The B3 local currency subordinated debt rating is notched down from Fortaleza's b2 baseline credit assessment to reflect the subordination of the notes, following the agency’s normal notching practices.

Moody's said the ratings reflect Fortaleza’s short track record as a commercial bank and its limited market share coupled with its efforts to shift its highly concentrated portfolio mix toward small- and medium-sized enterprises from its current focus on microfinance lending.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.