On Nov. 26, 2020, S&P Global Ratings affirmed its 'BB-' long-term foreign currency sovereign rating on Guatemala and removed the rating from CreditWatch, where it was placed with negative implications Nov. 20. The affirmation follows the resolution of the commercial dispute in the U.S. between the Guatemalan government and the electricity distribution company, TECO Guatemala Holdings (TECO). We are removing the CreditWatch with negative implications from our ratings on Guatemala-based banks Banco Industrial S.A. and Banco G&T Continental S.A., and affirming our 'BB-/B' issuer credit ratings on both entities. The stable outlook on Banco Industrial and Banco G&T reflects that on the Guatemalan sovereign rating. On Nov. 27, 2020, S&P Global Ratings removed its ratings on Banco Industrial and Banco
