Fitch Reviews Uruguayan Financial Institutions

MONTERREY, Mexico--()--Following its peer review of Uruguayan Financial Institutions, Fitch Ratings has taken the following rating actions:

Scotiabank Uruguay:

-- Long-Term Foreign Currency Issuer Default Rating (IDR) affirmed at 'BBB+'; Outlook Stable;

-- Long-Term Local Currency IDR affirmed at 'A-'; Outlook Stable;

--Support rating affirmed at '2';

--Viability rating affirmed at 'bb-'.

HSBC Uruguay:

--Long-term Foreign Currency IDR affirmed at 'BBB+'; Outlook Stable;

--Long-term Local Currency IDR affirmed at 'A-'; Outlook Stable;

--Support rating affirmed at '2';

--Viability rating affirmed at 'b+'.

Banco de la Nacion Argentina (Sucursal Uruguay) (BNAUY)

--Long-Term Foreign Currency IDR upgraded to 'B' from 'CCC'; Outlook Stable;

--Long-Term Local Currency IDR upgraded to 'B' from 'CCC'; Outlook Stable;

--Support rating upgraded to '4' from '5'.

Cooperativa de Ahorro y Credito FUCEREP:

--Long-term Foreign and Local Currency IDRs affirmed at 'B'; Outlook revised to Negative from Stable;

--Viability rating affirmed at 'b'

--Support rating affirmed at '5';

--Support rating floor affirmed at 'NF'.

Fitch has published Rating Action Commentaries (RACs) for each of these companies which are available on www.fitchratings.com. These RACs include each issuer's key rating drivers and sensitivities, as well as the list of all rating actions taken.

Additional information is available on www.fitchratings.com

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Contacts

Fitch Ratings
Veronica Chau
Senior Director
+52 818 399 9169
Fitch Mexico S.A. de C.V.
Prol. Alfonso Reyes 2612, Edificio Connexity Piso 8
Col. Del Paseo Residencial
64920 Monterrey, N.L., Mexico
or
Santiago Gallo
Director
+562 24993320
or
Alejandro Tapia
Director
+52 818 399 9156
or
Media Relations
Alyssa Castelli, New York, +1-212-908-0540
alyssa.castelli@fitchratings.com

Contacts

Fitch Ratings
Veronica Chau
Senior Director
+52 818 399 9169
Fitch Mexico S.A. de C.V.
Prol. Alfonso Reyes 2612, Edificio Connexity Piso 8
Col. Del Paseo Residencial
64920 Monterrey, N.L., Mexico
or
Santiago Gallo
Director
+562 24993320
or
Alejandro Tapia
Director
+52 818 399 9156
or
Media Relations
Alyssa Castelli, New York, +1-212-908-0540
alyssa.castelli@fitchratings.com