We assigned our 'BB' long-term issuer credit rating to the Paraguayan bank Ueno Bank S.A. The rating reflects a one-notch upward adjustment due to ongoing support from the owner, Grupo Vazquez S.A.E. (not rated). This adjustment considers the group's experience in the financial sector and the synergies with other companies within the group, which bolster the bank's business and risk profiles. The stable outlook reflects our expectation that the bank will continue to execute its development plan after the recently acquired operations of Vision Banco. On Dec. 20, 2024, S&P Global Ratings assigned its 'BB' long-term issuer credit rating on Ueno Bank. The outlook is stable. Approximately half of its revenue comes from net interest income, followed by fees and
