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Article: MEXICO: MOODY'S DOWNGRADES BANCO DE BOGOTA'S DEPOSIT RATING.
- Article from:
- IPR Strategic Business Information Database
- Article date:
- October 11, 2009
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Moody's Investors Service downgraded the long-term local-currency deposit rating of Banco de Bogota (Bogota) to Baa1, from A2. The outlook is stable. The downgrade is driven by the rating agency's reassessment of a government's ability to support their banks during a protracted,systemic crisis, such as during the ongoing global crisis. The likelihood of such support is an important part of Moody's credit analysis, and it provides uplift to the ratings above that floor which are implied by the banks' own financial strength. The downgrade to Baa1 brings Bogota's rating closer in line with that of the Colombian government's own Baa3 rating. The rating action concludes the ...