Fitch Lowers LatAm Units of Spanish Banks

Following downgrades of the Spanish parents, Fitch has taken action on certain LatAm Subsidiaries of BBVA and Santander, it says. The agency lowered the outlook to negative from stable on the credit ratings of BBVA Bancomer (A minus), BBVA Continental (BBB+) and BBVA Colombia (BBB). Fitch has lowered Santander Brasil to BBB from BBB+ and Santander Mexico to BBB+ from A minus, both with negative outlooks. It also lowered the outlook on Santander Chile (A+) to negative from stable. The BBVA and Santander parents had each been lowered to BBB+ from A.