...Issuer Default Ratings Driven by Support: Scotiabank Uruguay S.A.'s (Scotiabank Uruguay) Long- Term Foreign-Currency and Local Currency Issuer Default Ratings (IDRs) of `A¡' and its Shareholder Support Rating (SSR) of `a¡' are driven by expected support from its ultimate parent, The Bank of Nova Scotia (BNS; AA¡/Stable). The subsidiary's Long-Term Foreign- Currency IDR is capped by Uruguay's Country Ceiling due to transfer and convertibility risks and is positioned two notches above the sovereign's Foreign-Currency IDR. Strong Synergies with BNS: Fitch Ratings considers Scotiabank Uruguay a subsidiary of limited strategic importance to its parent. Even so, we believe there is a high probability of support from BNS, given the reputational risks and potential negative effect a default could have on other subsidiaries, particularly considering Scotiabank Uruguay's small size. The bank also benefits from multiple synergies with its parent. Well-Established Franchise: Scotiabank Uruguay's Viability...
