Tough week for FIG as Sul America, Argentine banks downgraded

Tough week for FIG as Sul America, Argentine banks downgraded

Economy & Policy

In ratings actions last week, Brazilian insurer Sul America was downgraded after new stress test data, while Argentina’s economic woes pushed Moody’s to cut ratings on a swathe of banks in the country. Standard & Poor’s downgraded Sul America to BBB, from BBB+, on February 19. The change resulted from the agency’s stress test on the business. It said Sul America had an intermediate risk position, thanks to allocating 76% of its investment portfolio to government securities and 20% to corporate b

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