On Nov. 3, 2026, Banco Central del Paraguay (BCP), Paraguay's central bank, announced that it was intervening in Ueno Bank because its solvency ratio had fallen below 50% of the minimum requirement. As a result, on Nov. 4, 2026, we lowered our global scale issuer credit ratings on Ueno Bank to'D'from'BB'. At the same time, we lowered our issue ratings on Ueno Bank's debt to'D'. On Nov. 4, 2026, S&P Global Ratings lowered its global scale issuer credit and issue-level ratings on Ueno Bank by multiple notches to'D'(default) from'BB'. BCP initiated the intervention in Ueno Bank under Law No. 2,334/03. The central bank began the resolution proceedings after approving the measure on November
