Research Update: Banco Mercantil Santa Cruz 'B/B' Counterparty Ratings Affirmed, Outlook Stays Positive; Good Liquidity, Funding Cited

Standard & Poors

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Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Abstract
BMSC continues to enjoy its leading market position in the Bolivian financial system while maintaining good liquidity and funding. We are affirming our ratings, including the 'B/B' counterparty credit ratings, on BMSC. The outlook remains positive. We expect BMSC to maintain its strong market position and benefit from the growing local economy. On May 5, 2011, Standard & Poor's Ratings Services affirmed its ratings, including the counterparty credit ratings, on Bolivia-based Banco Mercantil Santa Cruz S.A. (BMSC) at 'B/B'. The outlook remained positive. Our ratings on BMSC are constrained by the uncertainty intrinsic to Bolivia's financial system, the country's high sovereign risk, high competitive pressures from other large banks, and BMSC's weak capitalization. Nonetheless, the bank enjoys a strong market...

Companies mentioned in this report are: Banco Mercantil Santa Cruz S.A.
Action: Affirmed

Banco Mercantil Santa Cruz S.A.

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