Ratings on Banco Sud Americano Affirmed; Outlook Revised to Developing

NEW YORK (Standard&Poor's CreditWire) July 20, 1999--Standard&Poor's today revised the outlook on Banco Sud Americano to developing from stable and affirmed its double-'B'-plus long-term counterparty credit and CD ratings on the bank. Standard&Poor's also affirmed its double-'B'-minus rating on the bank's $100 million subordinated notes due 2007. At the same time, Standard and Poor's affirmed its single-'B' short-term counterparty credit and CD ratings on the bank. The outlook was changed in response to reports of negotiations by Bank of Nova Scotia (rated single-'A'-plus/Stable/A-1) to increase its stake in Banco Sud Americano to more than 60% through the acquisition of about 32.6% combined shares of the current controlling group, Mr. Jose Borda and Mr. Tomás

...NEW YORK (Standard & Poor's CreditWire) July 20, 1999--Standard & Poor's today revised the outlook on Banco Sud Americano to developing from stable and affirmed its double-'B'-plus long-term counterparty credit and CD ratings on the bank. Standard & Poor's also affirmed its double-'B'-minus rating on the bank's $100 million subordinated notes due 2007. At the same time, Standard and Poor's affirmed its single-'B' short-term counterparty credit and CD ratings on the bank. The outlook was changed in response to reports of negotiations by Bank of Nova Scotia (rated single-'A'-plus/Stable/A-1) to increase its stake in Banco Sud Americano to more than 60% through the acquisition of about 32.6% combined shares of the current controlling group, Mr. Jose Borda and Mr. Tomßs Garcia. Although these reports have not been confirmed by Bank of Nova Scotia or Banco Sud Americano, Standard & Poor's believes that over the medium term Nova Scotia's intent will be to either take control of or divest of Banco...

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