...November 23, 2022 MEXICO CITY (S&P Global Ratings) Nov. 23, 2022--S&P Global Ratings today withdrew its 'B+/B' issuer credit ratings on Banco Union at the bank's request. The outlook on the global scale rating was negative, which reflects the outlook on Bolivia. At the time of the withdrawal, Banco Union had a '##-' stand-alone credit profile (SACP), one notch above the rating on Bolivia (B+/Negative/B). The bank's SACP reflected its solid funding and liquidity base, good business position in the Bolivian financial system, and diversified revenue, but also its limited capitalization considering our forecast risk-adjusted capital (RAC) ratio for the bank that's only slightly above 3%. The sovereign rating limits that on the bank because we don't think it could withstand a sovereign default scenario, given its large exposure to the country in the form of loans and investments....
