Research Update: Banco Industrial And Banco G&T Upgraded To 'BB' From 'BB-' On Same Rating Action On Guatemala; Outlook Stable

On April 11, 2023, S&P Global Ratings raised its long-term foreign currency sovereign credit rating on Guatemala to 'BB' from 'BB-'. We also affirmed our 'BB' long-term local currency sovereign and 'B' short-term credit ratings. The outlook on the long-term ratings is stable. The upgrade is based on Guatemala's cautious fiscal and monetary policies that have stabilized the economy and should support continued GDP growth. Additionally, economic resilience and tax-revenue collection improvements will sustain low fiscal deficits. Following the sovereign rating action, we're upgrading two domestic banks--Banco Industrial S.A. (BI) and Banco G&T Continental S.A. (Banco G&T)--to 'BB' from 'BB-'. At the same time, we're affirming our short-term global scale rating at 'B' on both banks. The outlook on both

...- On April 11, 2023, S&P Global Ratings raised its long-term foreign currency sovereign credit rating on Guatemala to '##' from '##-'. We also affirmed our '##' long-term local currency sovereign and 'B' short-term credit ratings. The outlook on the long-term ratings is stable. - The upgrade is based on Guatemala's cautious fiscal and monetary policies that have stabilized the economy and should support continued GDP growth. Additionally, economic resilience and tax-revenue collection improvements will sustain low fiscal deficits. - Following the sovereign rating action, we're upgrading two domestic banks--Banco Industrial S.A. (BI) and Banco G&T Continental S.A. (Banco G&T)--to '##' from '##-'. At the same time, we're affirming our short-term global scale rating at 'B' on both banks. The outlook on both banks is stable....

Research Update