On Dec. 16, 2019, S&P Global Ratings revised the outlook on its 'BB-' long term issuer rating on Bolivia to negative from stable due to a potential weakening of the country's external profile and economic conditions during the next few months. As a result, we're revising the outlook to negative on our long-term rating on Banco Union, because the sovereign ratings constrain those on the bank. The negative outlook on the bank mirrors that on Bolivia, which in turn reflects the at least one-in-three likelihood of a downgrade in the next six to 18 months if the country's external profile weakens. On Dec. 17, 2019, S&P Global Ratings revised the outlook to negative on the long-term issuer credit rating on
