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Fitch downgrades Davivienda after HSBC takeover

Wednesday, December 5, 2012

Fitch Ratings has downgraded and removed from Rating Watch Negative Banco Davivienda's subsidiaries in Costa Rica and El Salvador, as well as Inversiones Financieras Davivienda.

The rating actions follow the completion of the Colombian Banco Davivienda's acquisition of HSBC's operations in Costa Rica, El Salvador, and Honduras.

The recently acquired entities are considered by Fitch as strategically important to Davivienda, according to Fitch's criteria.

Source: Reuters (press release)