Moody's downgrades five Peruvian banks

Moody's downgrades five Peruvian banks

Moody's Investors Service Credit Ratings Peru Capital Markets

Moody’s downgraded five Peruvian banks last Thursday to Baa1 from A3 with a stable outlook following the country’s sovereign debt downgrade earlier that week. According to the ratings agency, Banco de la Nación’s long-term currency deposit downgrade is based on the bank’s 100% ownership by the Ministry of Economy and Finance and its policy mandate as the financial agent of Peru's national, regional and local administrations, as well as for government-owned enterprises. The downgrade of Scotiaban

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