S&P changes Credivalores view to negative

S&P said it revised its outlook on Credivalores - Crediservicios SAS to negative from stable.

“The firm's credit card portfolio is exposed to the rapidly deteriorating economy, which could widen credit losses beyond those of peers. We also expect pressures on the firm's bottom-line results, and consequently, on our projected RAC ratio for it, which will be around 5.5% for the next 12-24 months. These factors could undermine Credivalores' business stability and spike its delinquency levels, weakening its credit profile,” S&P said in a press release.

The agency also affirmed the B ratings on the firm and its senior unsecured notes.

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