Ratings agency downgrades three Panama banks

Panama’s scandal plagued banking industry took another hit on Friday, with the downgrading of three banks by  ratings agency Standard & Poor’s.

The report  comes in the midst of investigations into the state owned Caja de Ahorros savings bank, with allegations that ex-president Ricardo Martinelli was linked to a decision awarding a multi-million dollar loan to a consortium  largely made up of members of his inner circle.

Source: Newsroom Panama