In March of this year, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) named Banca Privada d'Andorra (BPA) a foreign financial institution of primary money laundering concern. In our opinion, the Andorran authorities have responded by taking important steps to intervene in BPA's operations to contain any contagion to the financial system and the broader economy. Consequently, we are affirming our 'BBB-/A-3' ratings on Andorra and removing them from CreditWatch with negative implications, where we placed them on March 12, 2015. The negative outlook reflects possible execution risks associated with the bank resolution agency AREB's plan for BPA, as well as broader stability risks stemming from Andorra's large domestically owned financial services sector. On June 24, 2015,
