S&P lowers FLAR

S&P said it lowered the long-term foreign currency issuer credit rating on Fondo Latinoamericano de Reservas to AA- from AA.

“The downgrade follows the recent accumulation of arrears from the Central Bank of Venezuela – one of FLAR’s key borrowers – reflecting its weakened capacity to service debt with FLAR on a full and timely basis,” said S&P in a press release.

The outlook is negative.

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