S&P Global Ratings Raises Bladex's Long-Term Rating to BBB+ with a Stable Outlook
Bladex serves banks and large corporations across the Americas. Founded in Panama in 1977 with the backing of 23 central banks and the participation of other institutions, its mission is to promote regional foreign trade.
Source: EFE
S&P Global Ratings raised Bladex's long-term global scale credit rating from 'BBB' to 'BBB+' with a stable outlook, based on the bank's strong asset quality and capitalization, as well as its diversified portfolio, among other factors, the Panama-based bank announced Monday.
S&P Global Ratings reaffirmed Bladex's short-term rating at 'A-2', upgraded the bank's senior unsecured notes to 'BBB+', and its hybrid primary capital (AT1) notes to 'BB'.
In its report, the agency explains that the rating upgrade reflects the strength of Bladex's risk profile, underpinned by the resilience of its business model, coupled with prudent risk management and its ability to actively adjust its credit exposures based on the economic conditions of the markets where it operates, among other factors.
The agency also highlighted the diversification of Bladex's portfolio across geographies, economic sectors, and client types, as well as its track record of low credit losses and asset quality that remains favorable compared to other participants in the regional financial sector.
"This action recognizes the discipline with which we have executed our strategy, maintaining prudent risk management, a robust capital base, and a business model focused on quality and resilience," stated Bladex CEO Jorge Salas.
Bladex's clients include banks and large corporations throughout the Americas. Founded in Panama in 1977 with the backing of 23 central banks and the participation of other institutions to promote regional foreign trade, Bladex was the first Latin American bank to be listed on the New York Stock Exchange, where it has been listed since 1992. Headquartered in Panama, Bladex has offices in Argentina, Brazil, Colombia, and Mexico, an agency in New York, and a representative office in Peru, enabling it to drive its regional expansion and provide services to its clientele, which includes financial institutions and corporations.
“With more than four decades of experience, Bladex continues to play a significant role in financing foreign trade and the economic integration of Latin America, connecting the region to global markets through financial solutions for financial institutions, corporations, and sovereign entities,” states a press release from the financial institution.