...NEW YORK (Standard & Poor's CreditWire) April 7, 1999--Standard & Poor's today lowered its long-term counterparty credit and certificate of deposit ratings on Banco Sud Americano to double-'B'-plus from triple-'B'-minus. Standard & Poor's also lowered its rating on the bank's $100 million subordinated notes due 2007 to double-'B'-minus from double-'B'-plus. At the same time, Standard and Poor's lowered its short-term counterparty credit and certificate of deposit ratings on the bank to single-'B' from 'A-3'. The ratings were removed from CreditWatch Negative where they were placed on Jan. 14, 1999, and a stable outlook assigned. The ratings were lowered because of further material deterioration in the bank's asset quality during the second half of 1998 and decreasing core profitability, with substantial provisions required particularly in the fourth quarter. Earnings and asset quality problems continued into 1999, with the bank reporting a small loss for the two months through February....
