Ueno Bank S.A. Rated 'BB'; Outlook Stable

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. SAO PAULO (S&P Global Ratings) Dec. 20, 2024--S&P Global Ratings assigned its 'BB' long-term issuer credit rating on Ueno Bank. The outlook is stable. We expect the bank's capital base, along with the capitalization of

...December 20, 2024 - We assigned our '##' 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. SAO PAULO (S&P Global Ratings) Dec. 20, 2024--S&P Global Ratings assigned its '##' long-term issuer credit rating on Ueno Bank. The outlook is stable. We expect the bank's capital base, along with the capitalization of earnings, to support the execution of its business plan, with a forecast risk-adjusted capital (RAC) ratio of approximately 5.5% for the next 12-24 months, calculated according to S&P Global Ratings' methodology....

Ratings Action