Fitch acts on Andorran banks

Fitch Ratings said it took rating actions on two Andorran banking groups due to the disruption caused by the coronavirus pandemic in Andorra and globally.

“The rating actions reflect that even though the ultimate economic and financial market implications of the coronavirus outbreak are unclear, Fitch views the risks to banks' credit profile profiles to be clearly skewed to the downside,” said Fitch in a press release.

The agency downgraded Credit Andorra SA’s long-term issuer default rating to BBB- from BBB with a negative outlook.

Fitch also affirmed Andorra Banc Agricol Reig SA’s long-term IDR at BBB, but revised the outlook revised to negative from stable.

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