Iconi Holding and Intermarket are the companies that the Securities Regulator has warned not have support or supervision in the country.
The Superintendency of Securities (Sugeval) has updated the list of unsupervised and unregulated entities for which reports have been received of possible unauthorized securities offerings, which could even be fraudulent.
Standard & Poor's has warned of the risk of default in the next two years and reduced the rating for the sovereign debt of Venezuela, the principal debtor of the Colon Free Zone.
From a statement issued by Standard & Poor's:
OVERVIEW
The Venezuelan government's failure to take timely corrective actions to address growing economic distortions has contributed to economic deterioration and shortages of foreign exchange.
Fitch Ratings has revised from "stable" to "negative" its perspective for international long-term ratings of the private bank BAC San José and the state banks Banco Nacional, Banco Popular, Banco Internacional and Banco de Costa Rica.
From a statement issued by Fitch Ratings:
Fitch Ratings has revised the Outlook for international long-term ratings of four Costa Rican banks and a Panamanian subsidiary from Stable to Negative, after having revised the Perspective for Costa Rica's sovereign rating from stable to negative :
The difference in the yield on 30-year bonds relative to US Treasuries of the same period went from 3.33% in April to 3.85% up to December 4th.
The decision by the Executive to increase public spending in 2015 and continue to increase the fiscal deficit in an international environment which is a less favorable than it was in previous years is one of the reasons that explains the higher risk now being perceived by international investors regarding Costa Rican foreign debt bonds.
The draft state budget for 2015 contains imbalances that will deepen the deficit, taking it to a record 6.7% of GDP.
The persistence of high fiscal deficit, a faster deterioration than expected in the dynamics of public debt, which was already high, and increasing funding restrictions could put pressure on the sovereign rating of 'BB +' and its perspective, which so far is stable.
For the last four years the loan portfolio of the Salvadoran financial system has been growing at an average rate of 3.5%, below the 11% growth average in the rest of the region.
A report produced by the rating agency Moody's notes that growth in El Salvador's financial sector has been stagnant since 2010, as the total loan portfolio has not achieved growth rates above 3.5% per year.
Fitch has also downgraded the issue ratings on Guatemala's senior unsecured foreign and local currency bonds to 'BB' from 'BB+', with outlook revised to Stable.
From the press release by Fitch Ratings:
Fitch Ratings has downgraded Guatemala's long-term foreign and local currency Issuer Default Ratings (IDRs) to 'BB' from 'BB+'. Fitch has also downgraded the issue ratings on Guatemala's senior unsecured foreign and local currency bonds to 'BB' from 'BB+'. The Rating Outlooks on the long-term IDRs have been revised to Stable from Negative. In addition, Fitch has downgraded Guatemala's Country Ceiling to 'BB+' from 'BBB-' and affirmed the short-term foreign currency IDR at 'B'.
Moody's is warning that countries with oil deals with Venezuela face risks if this country reduces or eliminates its financial support to the block.
A report by the rating agency notes that "In the countries of Central America and the Caribbean, the "most vulnerable" are Nicaragua and Jamaica, while less exposed are Honduras and Guatemala."
Moody's reached this conclusion after analyzing data from the current account balance of each member country, its dependence on oil imports, particularly on crude oil from Venezuelan.
The Central Bank of Costa Rica has submitted a query regarding the possibility of eliminating the restriction on financial institutions of varying its assets in dollars per day by up to 4% .
The Chamber of Banks looks favorably on the initiative to abolish the current limit of 4% so that more currencies can be bought and sold daily.
The Central Bank "justified in the consultation paper that the move is in line with exchange rate flexibility, to allow intermediaries to increase participation in the determination of the exchange rate, managing risk better and providing liquidity."
Changes to the rules of the 8204 Act include the classification of customers according to risk levels and the automation of anti-money laundering controls.
In order to improve the identification of people at high risk of carrying out money laundering activities the National Council of Supervision of the Financial System (Conassif) has amended Act 8204, the regulation against money laundering and financing of terrorism.
Additional provisions by banks for loans to companies in the CFZ are a "medicine worse than the disease."
The Association of Users of the Colon Free Zone (AU) fears that the bank contingency measures, ordered last week by the Superintendency of Banks of Panama (SBP), will limit bank lending to companies in the CFZ.
"Entrepreneurs foresaw an adverse scenario for the Colon Free Zone (CFZ) as, in addition to warnings from the banking regulator, there is the possibility of tax collection approved by the City Council of Colon, as well as pressure from insurers after multiple disasters".
The banks that have granted loans to companies in the Colon Free Zone will have to increase their levels of reserves as a contingency.
The Superintendency of Banks of Panama (SBP) has asked banks who have made loans to companies in the Colon Free Zone (CFZ) to increase their levels of reserves as a contingency measure.
"The contingency measure requested of the banks brings to the forefront the risk that is probably anticipated by the regulator on loans granted to companies in the free zone. The tariff protection in Colombia and Venezuelan currency restrictions have caused an imbalance for many of the companies with which they are linked. "
77% of Costa Rica state Pension Investment Fund are in bonds, whose finances in 2013 have a deficit of 5% of GDP.
Nacion.com reports that the Pensions Superintendency (SUPEN) has warned about the situation, noting that "the high background concentration of Disability, Old Age and Death (IVM) funds in a single issuer is a risk factor."
"... The balance of the pension fund's investments amounted to ¢1.2 trillion in last September.