Panamanian Banks Obliged to Hire Risk Rating Companies

Banks are now forced to hire specialized Risk Rating companies.

Monday, March 1, 2010

The Panamanian Banking Superintendence passed accord 2-2010, which introduces regulations regarding risk rating at banks.

According to the recently passed regulation, Official Banks, General License Banks and International Licensed Banks must hire, at their expense, the services of specialized Risk Rating companies. Said agencies must comply with the Fundamental Conduct Code, issued by IOSCO, the International Organization of Securities Commissions.

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From the Standard & Poors report:

Foreign Currency: B-/Stable/B

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Moody's has changed the outlook of the sovereign debt rating from stable to negative, noting the limited ability of the government to control the increased public spending and the high fiscal deficit.

From the press release by Moody's:

New York, November 19, 2015 -- Moody's Investors Service has today affirmed El Salvador's Ba3 foreign currency issuer and senior unsecured ratings and changed the outlook to negative from stable.