The Credit Risk Qualifier HR Ratings degraded the Cibanco and Interm notes, after the financial regulator of Mexico announced the temporary management intervention in organizations after US signs on alleged money laundering linked to drug trafficking.
In both cases the agency cut the qualifications to “HR C-”, the penultimate step on the scale used by the firm. The new note means that these financial groups have a high probability of falling into default against their creditors.
Cibanco had a “HR A+” rating, located in the third position of the scale, that is, it was an issuer that offered acceptable security for the timely payment of its debts, and a low credit risk to adverse economic scenarios.
LEE: CNBV intervenes Cibanco and Intercam Management indicated by the EU to launder money from the narco
Intercam had a “HR AA” rating, which showed it as a sender with high credit quality, with great security for timely debt payment and a very low risk under adverse economic scenarios.
In addition to sending these financial groups to the penultimate place of their scale, HR ratings put the new qualification under negative observation, which warned another possible cut in case the current process implies a situation of default by the banks and/or their subsidiaries to their creditors.
The debt issuer becomes more risky for creditors the lower the qualification it has, which implies that it will cost it more expensive to obtain loans in the financial system.
HR Ratings presented in communications separately that the cuts, as well as the negative perspectives, are based on the announcement of the National Banking and Securities Commission this Thursday, where he decreed the temporary management intervention of Cibanco and Interm.
Lee: Customer resources in Cibanco, Intercam and Vector are safe and there are no danger: AMIB
On Wednesday, the US Treasury prohibited certain transactions with Cibanco, Intercam Banco and Vector Casa de Bolsa for allegedly laundering money linked to drug trafficking.
After yesterday’s announcement from the US government, Treasury reported that it had been notified of the treasure investigation and that it had requested evidence of illegal activities, but said it did not receive “conclusive information” by US authorities.
Also yesterday, the three companies indicated separated the US accusations separately.
Inspy, discover and share. Follow us and find what you are looking for on our Instagram!
