S&P gives BBB- to Banistmo notes

S&P said it assigned a BBB- issue-level rating to Banistmo SA's (BBB-/negative/A-3) senior unsecured notes for about $300 million with maturity up to 10 years.

The agency said the rating is at the same level as Banistmo's issuer credit rating, reflecting the new debt's pari passu ranking in right of payment with all the bank's senior unsecured debt obligations.

S&P said its view of the bank's funding and liquidity, including the proposed notes, remains.

“The issuer credit ratings on Banistmo continue reflecting its solid market position as the second-largest bank in the country in terms of loans and deposits and diversified business,” the agency said in a news release.

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